Spanisch company invest 3.5 billion euros in its tourism macro-project in Cuba

Spanisch company invest 3.5 billion euros in its tourism macro-project in Cuba

HAVANA, February 21th  After three years of negotiations with the Cuban authorities, the Spanish company Urbas Grupo Financiero has obtained the authorization to build the macro-tourism project that it has been promoting since 2016. It is only this year that it has obtained the approval from the Ministry of Tourism.

Urbas will create a joint venture with the public company CubaGolf for the construction of the tourist and residential complex of the Pasacaballos Peninsula, south of the city of Cienfuegos, whose total investment will be about 3.5 billion euros.

This investment of 3.5 billion euros is part of a 25-year development plan, divided into five phases, for which Urbas is already looking for investment funds with which to launch the first stage, for which the group plans 500 million euros. euros.

“The agreement with CubaGolf, on the constitution of a joint venture over a period of 50 years, will allow us to play an important role as a foreign investor in Cuba (…)” explained President Juan Antonio Acedo Fernández.

This alliance is part of CubaGolf, a Ministry of Tourism company created in 2013, to become a shareholder of companies established in the country to invest in real estate projects related to golf and other tourism activities.

Cuban society is already present in the capital with four groups of this type.

The joint venture between Urbas and CubaGolf is expected to be established this year, once the latter has obtained the necessary authorizations from the Cuban authorities.

Luxury Segment

The project, dubbed Rancho Luna-La Milpa, will be divided into five phases covering an area of ​​more than 1,000 hectares. Six luxury hotels, five golf courses, nearly 3,400 villas and more than 10,000 apartments.

In addition, it will have a marina with a capacity of 400 mega yachts, shopping and leisure centers and an equestrian center, among other facilities.

CubaGolf’s director, Raudel Garcia, stressed that “with the gradual implementation of these projects, tourism specializing in golf will have a new tourist destination in the Caribbean, where each of the territories where these developments will be located will offer a wide range of cultural, heritage and natural attractions. “

Cienfuegos, golf and nautical destination

Two and a half hours from Havana, Cienfuegos is the main city of south-central Cuba. In recent years, the tourism development of the region is experiencing strong growth thanks to the potential offered by its spectacular beaches, ideal for diving and fishing, as well as its attraction of city after being declared a World Heritage Site by Unesco.

This site has led various cruise lines to include it in their itineraries. It also has an international airport just seven kilometers from the city and links to the United States.

Urbas emphasizes in the note the importance of its entry into Latin America as part of its market diversification plan, in line with the direction proposed by the company in its new phase, after having recently reorganized its management and after two of its main shareholders confirmed their support for the group.

Specialized in land management and real estate development, Urbas Grupo Financiero has been listed on the Spanish Stock Exchange since 1947 and the current value of its assets is 600 million euros.