Grupo Rayet to invest 110 mln eur in consortium to build two hotels

MADRID (Thomson Financial) – Grupo Rayet said its Unico Finest Hotel joint venture with Pau Gardens will invest 110 mln eur for the first two projects in the development and management of its first luxury hotels in Dubai and Buenos Aires.

In a statement, Rayet said it holds 40 pct of Unico as an investor, while Pau Guardians has 60 pct and will focus on the hotel chain’s development.

In the spring of this year, the companies signed an agreement to invest at least 350 mln eur to develop five hotels in the international market in five years.

Grupo Rayet’s unit Rayet Promocion is currently in the process of merging with Astroc Mediterraneo SA and Landscape.

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