The Posadas Group announces income cutbacks

Mexican hotel chain Posadas Group revealed a 2.3 percent decline in their total earnings during the first quarter of the ongoing year, yet it said earnings in its beach hotels were up by 11 percent despite the war in Iraq.

A press release dished out by the company indicates that “even amid the current war scenario, the group made no significant cancellations and that accounts for roughly 30 percent of all rented rooms in beach hotels.”

Nevertheless, the report is tight-lipped on gross incomes or business volumes during that same quarter.

The group, owning 64 hotels and over 13,000 rooms, claims to be Latin America’s largest hotel company.