Mexico, Singapore Sign Agreement on Tourism Investment

Mexico and Singapore cut a deal to pour $60 million worth of investment into the development of Acapulco´s travel industry, in the state of Guerrero. The pact was inked by Banyan Tree Hotels & Resorts and the Mexican Development Group.

According to a press release issued by Mexico´s Tourism Department, the accord will pave the way for the construction of the first Banyan Tree resort in Acapulco´s Punta Diamante, the most exclusive area of this destination of the Mexican Pacific.

The first building stage will comprise the construction and outfitting of the establishment that´s due out in the late 2006. The second stage will be phased in and completed with a residential real-estate project.

The signing ceremony was attended by Guerrero Governor Rene Juarez Cisneros, Mexico´s Tourism Secretary Rodolfo Elizondo, and Mexican ambassador to Singapore Andres Carral. Mr. Elizondo congratulated investors and developers for choosing Acapulco as the recipient of their “well-spent cash.

Gov. Rene Juarez Cisneros also appreciated investors for their decision and called on state authorities to do everything within their reach to bring this project to a successful close.