The Barceló Group will build a hotel in Cayo Coco, Cuba

The Barceló hotel group, copresided by Simón Pedro Barceló Vadell and Simón Barceló Tous, has reached an agreement with the Cuban state firm, Cubanacán, to participate in a mixed company that will build a hotel situated in the area known as Jardines del Rey, exactly in Cayo Coco.

Cubanacán will control 50% of the mixed company and Barceló 35% via the company Grubarges Inversión Hotelera, participated in equally by Barceló, the real estate Gesinar of the group Banco Bilbao Vizcaya Argentaria (BBVA) and by Gruycsa, a company belonging to the group Fomento de Construcciones y Contratas (FCC). The remaining 15% of the capital will be for Enrique Martinón, a Spanish investor with many interests in the tourist industry in Cuba.

The history of the Barceló group starts in 1931 with Autocares Barceló, a transport company founded by Simón Barceló in Felanitx. In 1960 Viajes Barceló was formed and in 1962 the first hotel of the chain was opened on Mallorca. At present, Barceló Empresas, present in 27 countries, is one of the leaders of the Spanish tourist industry, with a global billing of 117.805 million pesetas (1999). Barceló has been the first Spanish hotel chain to be introduced into the Popular Republic of China and since last May 18 has been running the Barceló Grand Hotel Shanghai.

Information about Cuba: www.cubatravel.cu, www.cubaweb.cu

Date of publication: 03/11/2000

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