Spain’s Iberostar to invest over $7 mn in Mexico

Madrid – Spain’s Iberostar said Wednesday it planned to invest more than 5 million euros ($7 million) – through the group’s real-estate unit, Iberostate – in a new residential complex on Mexico’s Pacific coast.

The Iberostate Litibu project, which will consist of 33 private residences and 130 condominiums starting in the first quarter of 2015, will create 300 direct jobs.

The complex, which also will offer direct access to a golf course designed by Australian great Greg Norman, is being built along a stretch of Mexico’s Pacific coast known as the Riviera Nayarit.

Another $100 million project by Iberostate is under development in the Riviera Maya, in the Caribbean state of Quintana Roo.

That latter complex, Iberostate Playa Paraiso, located a short distance from the popular resort cities of Playa del Carmen and Cancun, will get underway in the second quarter of 2011 with the construction of 15 villas.

The project, which will create more than 300 direct jobs, will continue in the third quarter of 2013 with the construction of another 240 apartments.

The two real-estate complexes will offer five-star hotel services and enable prospective guests to plan their stays by Internet from their own homes.

http://latino.foxnews.com/latino/money/2011/03/09/spains-iberostar-invest-7-mn-mexico/