Last month Thunderbird Resorts Inc announced the closing of the acquisition of the Hoteles Las Americas chain of hotels in Lima, Peru. Subsidiary Thunderbird Hoteles Las Americas S.A. plans to remodel and upgrade all six properties and is currently evaluating the viability of placing casinos in four of them. President and CEO Jack R Mitchell was in Lima last weekend when the company announced the construction of four 5-star hotels in the cities of Cusco, Arequipa, Trujillo and Iquitos.

Thunderbird is investing heavily in Peru. The Las Americas hotels were acquired for US$43.5 million and refurbishing costs are expected to bring that figure to US$60 million. Peru is the 4th most populous (28 million) country in South America and is currently experiencing one of the healthier growing economies in the region. The construction of the four 5-star hotels will require an investment of around US$120,000 per room and, according to the Las Americas General Manager Pierre Berthier, will be undertaken over the next three years.

Cusco has been chosen as the location for the first hotel project because of its attraction for tourists as the gateway to Machu Picchu, now classed as one of the seven wonders of the modern world. It is also a city that functions around the clock. Thunderbird, a leading casino resort operator in Latin America, will also invest US$10 million in one year to bring Peru a new entertainment policy, with casinos, restaurants and international shows. (E-08.16.07)

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