Fadesa to Invest 4 Billion Euros in Loreto, MX Resort
 Joao Lima - Bloomberg
| | Loreto Bay, Baja California, is a growing vacation and retirement home area in Mexico that attracts buyers from the US and Canada. |
Fadesa Inmobiliaria SA, a Spanish real estate company, will build a 4 billion euro ($5.4 billion) resort in Mexico, adding to three other projects the developer has in that Latin American country.
The complex will be located in Loreto, in the Mexican state of Baja California Sur, and will include more than 6,500 homes, a marina, hotels and golf courses, La Coruna, Spain-based Fadesa said today in an emailed statement.
The project, called Loreto Paraiso, will target mostly U.S. and Canadian customers that are seeking a second home, the Spanish company said.
Fadesa is investing in hotels and tourist homes outside its home market after benefiting from a housing boom in Spain which is now slowing as demand is curbed by rising borrowing costs. The developer has also started projects in Morocco and in Eastern Europe.
To contact the reporter on this story: Joao Lima in Madrid at jlima1@bloomberg.net. |
Vallarta Weddings
Puerto Vallarta Real Estate | May 2007 
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