Cuban political situation will not change Balearic hotel chains´ plans

MAJORCAN hotel chains with interests in Cuba think that the political situation will not alter their business plans on the Caribbean island.
These statements came after Fidel Castro, for the first time in history, was obliged to delegate power to his brother Raul.
Nevertheless, they are worried about the pressure Washington could apply using the Helms-Burton law.
The Sol Melia group, whose President is Gabriel Escarrer, is being vague about whether it will alter its plans for the future on the island. This is the chain which has the greatest number of establishments on Cuba, with a total of 12 hotels, six of them in Varadero, three in Havana and another three in Cayo Coco. Three years ago Barcelo opened three hotels on the island, two in Varadero and one in Cayo Largo.
The RIU company, presided over by Luis and Carmen Riu, has two hotels in Varadero, with a total of 450 rooms, and they plan to keep these but have no plans for new investments on the island. Nevertheless, company sources confirmed that if the Cuban economy becomes a free one, they would increase their number of establishments.
The Iberostar group, which has five hotels on Cuba and whose President is Miguel Fluxa, said that the indisposition and the disappearance of the Cuban leader is a “predictable scenario which had to happen sooner or later” and because of this the news did not surprise them. This group has five hotels on Cuba, three in Varadero, one in Trinidad and another in Cayo Coco. As for the world of banking and finance, Caja Madrid has the largest presence on Cuba, together with the Cuban Banco Popular de Ahorro.