Baja's Loreto Bay Resort Sold to Carlos Slim Clinton Stark - StarkInsider
go to original September 13, 2013

Discover the beauty of Loreto Baja Mexico while relaxing in the tranquil ambiance of the indigo hued Sea of Cortez. (mergedbear)

According to a reliable source, the Loreto Bay development has changed hands once again.

This time the Baja, Mexico-based resort is being scooped up by the OSTAR Hotel Group, part of Carlos Slim’s publicly-traded conglomerate Grupo CARSO. OSTAR operates eight hotels in Mexico and the U.S. and as of September 9 now operates parts of Loreto Bay.

The seller, Homex, a large Mexican builder, who rescued the development from bankruptcy in 2010, reportedly decided to off-load “non-strategic assets.”

At this point we don’t the transaction size. We do know the deal included certain named assets: the Loreto Bay Golf Resort and Spa (a hotel), undeveloped lots, and designated land marked for future development.

Being backed by a company with $5.2 billion in revenue and run by one of the world’s wealthiest people is certainly encouraging news.

This marks the third owner in about eight years. The original vision was conceived by the Trust for Sustainable Development (TSD) with significant support from FONATUR, Mexico’s tourism agency. Selling began in late 2005, early 2006. With the global banking and real estate meltdown of 2008, TSD filed for bankruptcy. At the time other Baja real estate projects were delayed or canceled all together including one by Donald Trump and another by J.W. Marriott. In 2010, Homex arrived on the scene, but that too didn’t last long - though, to be fair, it’s questionable if the development could have survived without that timely injection of capital.

Read the rest at StarkInsider

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!