Grupo Posadas will operate two hotels in Cuba

The Mexican group signed contracts to manage a site in Punta Varadero and another in Costa Verde on the Caribbean island.

The Mexican firm Grupo Posadas reported Thursday that it signed contracts for the operation of two Fiesta Americana All Inclusive hotels in Cuba.

The hotel operator said in an announcement to the Mexican Stock Exchange that both venues, Fiesta Americana All Inclusive Punta Varadero and Fiesta Americana All Inclusive Holguin Costa Verde, are local investments and they are estimated to be operational this year.

Grupo Posadas manages more than 100 hotels under six brands, according to its website, and has pursued an “aggressive” development plan in recent years.

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The efforts of former US President Barack Obama to relax the relationship between his country and the island of communist government stimulated international interest in doing business with Cuba, but President Donald Trump promised to reapply the sanctions of 50 years ago.

The Cuban government says it needs a minimum of $ 2 billion in foreign investment a year to boost economic growth, part of a series of reforms by President Raúl Castro to update a Soviet-style system.

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