The project would have brought an investment of 54 to 57 million dollars, adding to the tourist services between Cancun and Playa del Carmen.
Because of the devastating economic impact the COVID-19 pandemic has inflicted on the Mexican hotel sector, tour operator Transat has abandoned its plans to build a beachfront resort in Puerto Morelos, located in the Riviera Maya.
In a conference with analysts of this Canadian company, Annick Guérard, President and CEO of Transat A.T. Inc., said “The pandemic has had a significant impact on our cash flow and has made it impossible to build this project at this time.”
The Canadian tour operator’s first resort project was to feature between 600 and 900 rooms. Construction on the property was scheduled to begin in May 2019 with an opening date of November 2020. This project was estimated to bring an investment of between 54 to 57 million dollars in the Riviera Maya tourism sector.
This project was to be Transat’s first step toward its previously announced goal of acquiring 5,000 owned or managed hotel rooms at its main destinations by 2024.
Guérard explained that they are refocusing their business model with a new strategic plan. The group is analyzing what to do with the Puerto Morelos parcel and it may be put up for sale.
Air Canada and Transat A.T. Inc. also announced their decision to terminate the airline’s acquisition agreement, which had been announced in June 2019, another consequence of the severe economic impact of the COVID pandemic.
Transat A.T. Inc. is an international, vertically integrated tour operator with nearly 20 business units in 8 countries. The company is headquartered in Montreal, Quebec, Canada.
With information from El Financiero