Nicaragua and Grupo Barceló Reach Agreement
After a year of negotiations, the government of Nicaragua decided to drop its lawsuit against the Spanish consortium.
Monday, June 29, 2009
The government had sued the hotel group Barceló in an international court for noncompliance of a contract to purchase a resort on the Pacific coast.
The Spanish consortium Barceló, owner of Hotel Montelimar in Managua, wants to resolve its differences with the government through international arbitration.
A partnership has been formed between the Nicaraguan government and the Spanish group Barceló to build an international airport in the Montelimar resort, in San Rafael del Sur.
Nicaragua's Attorney-General's department advised that it has started a legal process to bring about the return of the Montelimar tourist complex, due to alleged non-fulfillment of the contract.
Executives from the Grupo Barceló repeated this Thursday that they owe nothing to the State of Nicaragua and refused to make further comments on the lawsuit presented by the government.
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