Hotel Online Special Report
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Former U.S. Secretary of the Treasury Nicholas F. Brady's 
International Investment Fund, Darby Overseas Investments, 
Makes Major Investment in Choice Atlantica Hotels
 
 
SAO PAULO, BRAZIL, August 24, 1998 � In Brazil to announce the development of a chain of hotels his company is helping to capitalize, former U.S. Secretary of the Treasury Nicholas F. Brady said Latin America has created a business-friendly atmosphere which will result in solid development for the foreseeable future. 

Brady told a group of top developers, investors, business leaders and press that the impact of post-Brady Plan financial reform is being seen throughout Latin America in the form of stronger trade and industrial ties, as well as continually improving infrastructure.  Additionally, he noted that the growing volume of international business travelers to markets throughout South America has resulted in a boost to the hospitality industry with the increased demand for high-quality, reputable, well-run hotels.

Brady addressed the group which had gathered for the official launch of Choice Atlantica Hotels, South America�s fastest growing hotel management and franchise company. Brady�s international investment fund, Darby Overseas Investments, recently made a major investment in Choice Atlantica Hotels which will help the hospitality company reach its goal of 140 hotels in five years.

Brady noted that development in Latin America has spread beyond the borders of traditional industrial cities such as Sao Paulo and Buenos Aires and now includes secondary locations throughout the region. �International and domestic investors alike are pouring billions of dollars into new plants and industrial parks and are demanding better roads, highways, rail and port facilities, airports, communications systems and hotel accommodations in these emerging cities,� said Brady. �Destinations which have never before had the need to accommodate senior-level international business travelers are now motivated to provide services such as hotels, restaurants and transportation that meet the standards of efficiency and hospitality that have been set at other locations throughout the world.� 

 Brady said the present Asian economic crisis should not have an adverse impact on the growth in Latin America, despite predictions to the contrary by other analysts. �The Asian countries that are undergoing serious problems today failed in recognizing the paramount importance of ensuring confidence in the market, but Latin countries have not made this mistake. Brazil is one of the best examples of a country that has taken determined political initiatives to avoid the contagious downturn like the one seen in Asia.�

Earlier this year, Darby Overseas Investments entered into a partnership agreement with Choice Atlantica Hotels, which has master franchise agreement to develop Choice hotel products � Clarions, Quality Inns, Quality Suites, Comfort Inns and Sleep Inns � in Brazil, Argentina, Chile, Peru, Ecuador, Paraguay, Uruguay and Bolivia.  Under the agreement, Choice Atlantica Hotels will identify sites, oversee the development process and manage hotels when they become operational. 

Brady was named vice chairman of the board of Choice Atlantica Hotels. Choice Atlantica Hotels is based in Sao Paulo, with offices in Fort Lauderdale, Buenos Aires and Santiago, Chile.

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Contact:
Mona Mesereau  
Mesereau Public Relations 
(1) 303-841-1511 [email protected] 
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Also See:
Choice Atlantica Hotels and Darby Overseas Investments Ltd.Announce Partnership to Develop Hotels in South America / April 1998 
Choice Atlantica Hotels Opens Reservations Center in Santiago, Chile / July 1998 

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