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