Hoover's Online. May 16, 2001 2:53pm.
Source: Expansion, May 12, 2001, Page 8
Spanish travel services group Globalia has continued its growth strategy within the hotel sector with the unveiling of two new hotels in the north of Mallorca (the Hotel Palace de Muro and the boat hotel Botel Alcudiamar) and new projects in Cuba. The five star Palace de Muro has entailed an
investment of 48m euros (Pta8bn). Globalia also holds a 100 per cent stake in the Orotava Garden hotel in Tenerife through its subsidiary Globalia Hotels & Resorts.
The company aims to enter the Cuban market in a venture with local partner Gran Caribe, the Sa Nostra savings bank and Mallorca-based hotel Blau Hotels. The venture, which has yet to be finalised, aims to open three or four hotels in Cuba. Globalia chairman Juan Jose Hidalgo notes that the
company plans to increase last year's turnover of 1.338bn (Pta222.672bn) by 20 per cent.
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