The president of Barceló, Simón Pedro Barceló, explained that the group's investment for this year will not reach 100 million euros (about US$139 million), compared to the 400 million euros (about US$559 million) it invested in 2008, which means that the investment will be reduced by 75%.Barceló admitted that this is a sharp fall, however he argued that the hotel chain made the largest investment in its history in 2007 and 2008.
However, the executive explained that this contraction scheme will not be repeated in other family businesses, because the average reduction in investment stands at 15% or 20%, compared to 75% of the group, as a result of greater investments.
Barceló said that the group will close 2009 with a lower result than in 2008, which was already lower than in 2007.
Source: Europa Press.
