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Intercontinental abandons Cayo Largo Resort.

Intercontinental Hotels Group, formerly known as Six Continents Hotels, has pulled out its four employees who were left at Cayo Largo Resort in Fajardo, including General Manager Louis Philippe, reports Caribbean Business (Sept. 9, 2003). "Intercontinental will now sit on the sidelines to see what will be the final outcome of the project," one source said. The owners and partners of Cayo Largo Resort include Puerto del Rey Inc. President Dan Shelley, Gabriel Fuentes of Fuentes Construction Co., Diego Suarez Jr. of V. Suarez, and Manuel H. Dubon. Intercontinental owns 17% of the resort's assets. If Cayo Largo Resort's legal issues are resolved and the current owners are able to keep the property, Intercontinental will have first dibs on managing it. However, the Government Development Bank (GDB), which assumed the first mortgage of the resort, aims to foreclose on the property. Rumor has it that major hotel chains such as Four Seasons, Marriott International, and Barcelo have expressed interest in the project.
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Title Annotation:PUERTO RICO
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:1U0PR
Date:Oct 1, 2003
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