The recovery of tourism in Argentina is already beginning to bear its first fruits and the country is experiencing a substantial growth of new hotel projects. In the Buenos Aires region alone, 36 new hotels will be opened in the remainder of 2011 and agreements have been signed between large international chains to build complexes, both in the capital and in the interior of the country.
Hilton is one of the country's most interested investors and recently partnered with local developer H&H to build five new hotels, with a $100 million investment. As reported by the newspaper La Nación, most of these projects correspond to three-star hotels, given that investment in infrastructure is lower and prices may be lower.
Meanwhile, the Mexican chain Hotelera Posadas announced its intention to build 15 new hotels for US$120 million, with private capital obtained through trusts.
The American Group will also be part of the new hotel investors in the south of the continent with the construction of three new establishments in 2012: "there are international groups that, among the baskets in which they recommend laying eggs, suggest tourism and hospitality in Argentina. It is presented as a convenient alternative to classic real estate investment," explained Fernando Galdo, general director of the chain in statements to the press.
The hotel associations pointed to the reactivation of local tourism and the increase in the number of Brazilian visitors traveling to Argentina by land and at competitive costs, as the two main driving agents of the local hotel industry that in 2010 invested more than US $ 1,820 million, according to the Ministry of Tourism.
