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Article: Hotel delays threaten economic health of Gaviota group.(Brief Article)

Article from:
Cuba News
Article date:
November 1, 2000
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HAVANA -- Cuban officials say delays in hotel construction will cost millions of dollars in lost revenue. The big loser appears to be the Gaviota group, a tourism conglomerate owned by the armed forces, which has had to forego revenues of $8.7 million because it did not have rooms available for last year's peak holiday season.

Gaviota President Luis Perez Rospide said he is concerned the delays may endanger the ability of the group to service its bank loans and meet its targets for contributions to the state budget.

The group also is having trouble at some of its existing properties, say company officials. After delays in completing the Novotel Miramar ...

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