When a hotel is for sale during a crisis like COVID-19 they are technically bankrupt.
In Mexicos resort cities Los Cabos, Mexico City, Guanajuato, Acapulco , Cuernavaca, Bahía de Banderas more than 50 large resort hotels are ready to change owners.
Puerto Vallarta and the Riviera Nayarit is known as the Mexican tourism corridor.
Some large hotel entrepreneurs have put at least seven of their properties up for sale.
Among them the Las Palmas Hotel , the Holiday Inn and Paradise Village.
The reason are low occupancies due to the COVID-19 pandemic.
According to the president of the Jalisco Hotel Association, Juan Carlos Mondragón Castañeda, when a company offers a lodging establishment like these for sale, it is as a consequence of a “technical bankruptcy”, “because some operations that make the business unviable.
The hotels for sale appear on hotelesenventa.mx.
The Las Palmas hotel inPuerto Vallarta by Gabriel Igartúa Sánchez, is offered at 40 million dollars with 225 rooms and a four-star category.
The “Friendly Beach” is sold for 105 million dollars. This hotel has 390 rooms and is a five-star category. Likewise, there is the Holiday Inn of Vallarta, which is offered for 85 million dollars. It has 235 rooms and its category is four stars.
The ” Blue Bay ” is for sale for 35 million dollars as a four stars and has 346 units.
Hotel ” Suites del Sol “, is offered for five million dollars. It has 96 rooms and is a three-star category.
In Riviera Nayarit, the hotels that are for sale are the “Paradise Village ” whose founder and owner is Don Graciano Sovernigo. This property is for sale for 650 million dollars. It’s the most expensive of all. The five star property has 693 rooms including luxury suites.
The five-star Hotel ” Dreams Villamagna Resort & Spa “, is offered for 76 million dollars. It has 229 rooms.
All these lodging establishments are currently operating, but according to Mondragón Castañeda, their sale could be due to technical bankruptcies.
Fifty hotels for sale in Los Cabos, Mexico City, Guanajuato, Acapulco , Cuernavaca, Bahía de Banderas.
