Q & A with Xavier Cabota, President of Maioris International

Spanish hotel chain Maioris International will ante up a quarter of a million dollars into a first deluxe community project within the megabuck development underway in Cancun Port. This project includes the Maioris Tower with an initial investment of $45 million.

Q.- What are the details of the new project already underway in Cancun?
A.- We’re a Spanish group made up of two partnerships. One is the Maioris Group, a publicity and real-estate company that has built all around Spain. The other branch is Globalia and Air Europa, a well-known group that’s currently getting a hold on an increasing number of hotels. We founded Maioris International and picked Cancun as one of the hot spots to invest in. I like that place a lot. I’m head over heels in love with Cancun.

The development of Cancun Port is a major part of Cancun’s future. We’ve already poured a lot of money there, over $40 million, and we hope to shell out $200 million more in the course of the next five to six years.

We started out with the Maioris Tower, the first building of ours there with 92 apartments plus a penthouse, and it’s all in the heart of Cancun Port, in a residential area hedged by water and a lovely golf course. This project will have both investors and buyers from everywhere. We’ve got plans to sell in the U.S., Italian and German markets.

Q.- What’s going to be the initial price of the units?
A.- According to presale estimates, thery’re going to be in the neighborhood of $2,000 per square yard, but that price will be climbing up pretty quick.

Q.- How do you assess the compatition staged by the Panamanian market and the upturn in Spanish investments?
A.- We’re planning to build a condo in Panama. However, I’ll rather put my smart money on Cancun. Panama is more of an investment-oriented destination.

Q.- Spanish investment is on the rise in Mexico. What do you make of that?
A.- Spain is a tough competitor, financially sound and a country that’s grown way a lot. This situation puts the country in a great position to chip in quite a number of deep-pocket investors willing to set out projects all around the world.

Q.- This is your company’s first project in Mexico. Are there any other plans in the pipeline for that particular country?
A.- Yes, this is the first project in Mexico. We’ve joined hands with Abelardo Vara and Lagos del Sol in Cancun to build 50 apartments. The idea in our minds is to move on. I know this area pretty well. Los Cabos, Acapulco. But Cancun is the number-one destination around here, make no mistakes about it.

Q.- What’s the ballpark amount of the entire project there?
A.- It’s in the neighborhood of $250 to $300 million.

Q.- When are you planning to get the Cancun project going?
A.- We’ll kick off in April 2007 and we hope to wrap things up by the end of 2008. Once the first tower is complete, we’re going to build three more towers. The project includes eight, maybe nine towers in all, with different designs and looks.

Q.- How’s Globalia taking part in this project?
A.- Globalia controls 50 percent of the partnership. Globalia wants to build a hotel there and cut a deal with Oasis for 4,000 guestrooms.

Q.- What target markets are you going to focus on?
A.- First of all, for the residents of Cancun. I carried out a similar project in Majorca and we reeled in a few American customers over there. However, I think Cancun Port is going to be simply amazing.