LatinNews Regional Monitor: Mexico - 18 October 2019

* Mexico’s tourism minister, Miguel Torruco Marqués, has announced that the city of Cancún in Quintana Roo state will receive the biggest hotel investment Mexico has seen in the past 30 years. Dubbed the ‘Grand Island Cancún’ project, the proposal consists of 3,000 rooms to be built in two phases, one to start in 2022 and the other in 2024. The project represents a US$1bn investment by local firms Murano and BVG World to be financed by Mexico’s national exterior commerce bank (Bancomext), and two foreign banks. It is estimated that the project will create about 7,500 direct jobs during construction phase and about 12,000 direct and indirect jobs once it opens.

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