Sao Paulo, Brazil, 10 Jan – Spanish-Portuguese consortium MadriLisboa will spend 50 million euros to build two hotels in Salvador in northeast Brazil, media have reported.
Work on the hotel complexes, which will have 792 holiday apartments, is due to begin in the second half of 2006 after the granting of licenses by environmental authorities.
MadriLisboa, a joint-venture between Spain’s Azata e Pinar group and Dico of Portugal, also plans a tourist development on the northern coast of the Brazilian state of Bahia, the group’s CEO told a Sao Paulo business journal this week.
MadriLisboa currently operates a dozen hotels in Spain and Portugal with a combined annual 600 million euros turnover.
The Iberian group also holds a stake in the 49 million euros Quinta das Fontes development in Fortaleza, capital of the Brazilian state of Ceara. (macauhub)