The local government in Uruguay’s capital Montevideo (IMM for its Spanish acronym) announced yesterday that four companies had presented offers on the tender for Hotel Casino Carrasco. At a press conference Governor Ricardo Ehrlich said that the tender process terminated at 2.30 p.m. and the companies applying were: Dongara Investments Inc., Argentur Inversiones Turísticas S.A., Endofix S.A. y Bahía Verde S.A.

It is understood that three of the companies are local subsidiaries of the hotel groups Pestana, Hyatt and Tsakos, from Portugal, United States of America and Greece respectively. Ehrlich said that as from today the authorities will start to assess the proposals for the commercial exploitation of the hotel as a luxury class property with complementary services in restaurants, dance hall, convention centre and sports facilities. The casino is also part of the tender project, but cannot exceed 20% of the hotel size.

The tender will be conducted on a 100 point system, with 40 points going to the architectural restoration of the landmark 1920's building. Plans for refurbishment, parking facilities, job creation, wage structures and international tourist attraction will all be awarded points. IMM has provided for a minimum royalty payment of US$1 million per year, starting in the fourth year of operation of the symbolic Uruguayan hotel casino. The winning tender will not necessarily be for the highest investment, but will be the project that will return the Hotel Casino Carrasco to its former glory and re-establish its significance for Montevideo. (E-05.09.08)

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