At the International Trade Fair in Cuba this week, the wealthy Persian Gulf nation of Qatar announced that the Qatar Diar Real Estate Investment Company will build the the five star “Gran Paraiso” hotel on Cayo Largo, a small tourist island off the south coast of Cuba.
This hotel may be under construction in 2010 and open in 2012 with up to 450 rooms and 60 luxury villas.
Rob Sequin | Havana Journal
The project will be a joint venture, as are all hotels and resorts in Cuba, between the Cuban government owned Gran Caribe and the Qatari company. It is the first real estate deal between the two countries and both sides agree that more hotel and resort developments will be explored.
Reuters is reporting that the Qatari company “views Cuba as ripe with investment opportunities and is looking at other possible projects, not all in tourism” and it plans to make Cuba one of its principal areas of real estate development activity.
“Cuba has strong economic bases, above all in tourism,” President Al Saad says. “We want to send the clear message to the world that Qatar is at Cuba’s side” and he would like Qatar and Cuba to discuss agriculture ventures as well.