Sidek-Situr Group Sold Out Nine Hotels for $100 million

Palace and Real Resort, two Mexican hotel chains, will buy out nine hotels owned by Sidek-Situr –another Mexican conglomerate- for a lump sum of $100 million. Impresario Fernando Garcia Zalvidea, head of Best Day, the company that runs resorts under the Real trademark, and Jose Chapur Zahoul, chairman of the Quintana Roo Hotel Association –owner of the Palace lodgings- explained the new operation will rekindle tourism in all of Mexico’s major travel destinations.

From now on, both entrepreneurs will manage the likes of Sierra, Plaza las Glorias and Continental in Los Cabos (Baja California Sur), located in the port of Manzanillo (Colima), Ixtapa and Zihuatanejo (Guerrero), Nuevo Vallarta (Nayarit) and Cancun, Playa de Carmen and Cozumel (Quintana Roo).

The nine hotels formerly owned by Situr (with a buyout process well underway) and its affiliate Sidek (currently owned by the Martinez Guitron family) add up to 2,300 rooms in all. Even though some of them were rundown and abandoned for years, their new proprietors are confident they can give them a new lease on life and put them back among the most sought-after establishments in the market.