Thanks to a booming travel industry and lower costs in U.S. dollars, Argentine tourist authorities presented as many as 90 different projects for building hotels in the country for up to $253.4 million, this according to a report issued by the Tourism Department that indicates all those new resorts will open between this year and 2006.

Spanish hotel chain Sol Meliá reported this week that the strengthening of the European common currency hobbled its results in 2003 –a tough year for the leisure industry worldwide. The company, though, managed to snap back steadily from the fourth quarter on and prospects for 2004 are still looking good.

Mexican tourism authorities are hoping to rake in $10 billion and to create 5,000 new jobs in 2004, figures that will make the Aztec nation move up a notch from number eight to the seventh spot on the list of the world’s top tourist receivers, said Rodolfo Elizondo Torres, the country’s tourism secretary, and Enrique Alvarez Prieto, chairman of the National Tourist Corporate Council (CNET is the acronym in Spanish).

For his part, Zacatecas Governor Ricardo Monreal Avila stressed the travel industry’s position as one of the nation’s major hard-currency makers.

Aerolineas Argentinas (AA), a member of Spain-based Marsans Group, has decided to put up to 40 percent of its public capital at the Buenos Aires Stock Exchange (BASE), informed Antonio Mata, president of the company’s executive committee.

The placing of shares will be implemented gradually, beginning with a slice of 10 to 15 percent in August and September. Depending on how demand fares in the face of this move –Mr. Mata says- the number of stocks up for grabs will be augmented to 40 percent tops.

The year 2003 closed for Canada’s tourist sector with a $3.2 billion shortfall, chiefly stemming from less foreign arrivals to the country and more Canadians traveling overseas, Canada Statistics revealed.

The negative balance is by far the biggest deficit the local leisure industry has ever had over the last ten years. Experts are pointing fingers at the SARS outbreak in Asia, the war in Iraq and a larger number of traveling Canadians moving out of the country’s borders.

The volume of direct foreign investment in Mexico fell 25.7 percent in 2003, from $14.4 billion in 2002 to $10.7 billion last year, the nation’s Department of Economy reported.

In a press release put out by that entity, foreign investment now ranks below money remittances ($13.3 billion last year) but above revenues raked in by the local travel industry ($9.5 billion).