George Soros invests in Latin American hotel market

The billionaire invested $300 million to fund expansion by Argentina-based Fens Hotels

TRD MIAMI /
Nov.November 21, 2015 12:00 PM

An investment firm headed by Hungarian-born billionaire George Soros agreed to invest $300 million to finance an Argentine hotel company’s expansion in Latin America.

Soros’ investment will provide funding for as many as 5,000 new hotel room over a three-year period in Argentina and other South American countries including Chile, Ecuador and Peru that Buenos Aires-based Fen Hotels will manage.

Patricio Fuks, chief executive of Fen Hotels, told the Wall Street Journal that “you can still build for a reasonable price in Latin America’s capital cities.”

Fen Hotels already has 35 hotels in Latin America, making it a major operator in a markets where competitors ten to be family-owned and family-operated businesses, and hotels that bear leading global brands are scarce.

Fen Hotels also is establishing a foothold in the U.S. hotel market with properties in Miami and Los Angeles and a Brooklyn property operating under its Dazzler brand.

But Fuks told the Journal he sees better potential for his company in South American countries, with the exception of Brazil, the most populous country in region: “Brazil is too expensive to develop there. But if it turns around, the other countries will follow.” [Wall Street Journal] — Mike Seemuth


Related Articles

arrow_forward_ios
American Airlines Arena, one of many public properties Odebrecht has built

Odebrecht bribery scandal spreads in Latin America

Odebrecht bribery scandal spreads in Latin America
?????????????????????????????????????????????????????????

Latin American luxury home market unfazed by Zika

Latin American luxury home market unfazed by Zika
Here are the best Latin American cities to buy real estate: report

Here are the best Latin American cities to buy real estate: report

Here are the best Latin American cities to buy real estate: report
Santiago, Chile

Analysts forecast slower growth for Latin American economies

Analysts forecast slower growth for Latin American economies
Placeholder image

Lenders pony up $900M for new coastal condos

Lenders pony up $900M for new coastal condos
Miami benefits from Latin America’s rising crime

Miami benefits from Latin America’s rising crime

Miami benefits from Latin America’s rising crime
1450 Brickell

Miller beer to put Latin American headquarters at Miami’s 1450 Brickell office tower

Miller beer to put Latin American headquarters at Miami’s 1450 Brickell office tower
Apogee Beach first new South Florida condo to break ground in four years

Apogee Beach first new South Florida condo to break ground in four years

Apogee Beach first new South Florida condo to break ground in four years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...