MEXICAN HOTEL INDUSTRY EXPECTS AN INVESTMENT OF USD 12.9 BILLION

Joe McClain - Dec 2, 2019
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Over the next 6 years, the tourism industry in Mexico will receive the largest private investment, as shown in the National Private Sector Infrastructure Investment Agreement. Tourist destinations will periodically receive investments until reaching 252,764 million pesos (about US$12.9b), which will mostly be used for the construction of new hotel rooms in Mexico City, Los Cabos, Cancun, Riviera Maya, Guanajuato, and Monterrey.

According to the agreement, there are plans for the construction of several hotels, tourist accommodations, theme parks, natural and water parks, a convention center, apartment buildings and even a university for hospitality and tourism.

Although the agreement does not detail which companies will invest in the Mexican hotel industry, among the hotel chains that have already made public announcements are Hyatt, Marriott, Wyndham, Hilton, Grupo Posadas, Grupo Real Turismo, Aman Resorts, Soho House & Co., Grupo Presidente, Grupo Murano, among others.

Rodrigo Esponda, director of the Los Cabos Tourism Trust, added that there are at least 2,000 rooms under construction at the destination, most of them luxury brands. “There are at least 2,000 hotel rooms that are being built and will be opened next year or in 2021. They all represent a very strong investment [from chains] such as St. Regis, Aman Resorts, Soho House, Park Hyatt, among others; and there are at least 11 hotels that are under development and will open in the following months,” Esponda told Mexican outlet Excélsior.

Camilo Bolaños, Vice President of Development and Real Estate in Latin America and the Caribbean for Hyatt Hotels Corporation, confirmed that, in the next two years, the hotel chain will open two Park Hyatt establishments: one in Mexico City, and the other in Los Cabos; as well as a Hyatt Centric, also in Mexico City.

On the other hand, Marriott announced it currently has 60 hotels under construction in Mexico, which are set to open in the next three years.

“There are some hotels that will open later on, that is, in 2023 and 2025 in Riviera Nayarit, with chains such as Ritz Carlton, Westin, Marriott, among others,” said Alex Fitz, Vice President of Sales and Distribution of Marriott International at Latin America and the Caribbean.

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