Grupo Poma is planning to expand its portfolio of investments in Costa Rica venturing into housing construction projects and strengthening its presence in the automotive sector.
The Salvadoran group, which has been present in Costa Rica since 1993, is analyzing the possibility of complementing the office and hotel investments it has made in the country with the construction of residential high rise blocks.
The private sector is opposed to the conditions in the third reform package the outgoing government intends to implement, claiming that state expenditures should be reduced first.
More control of public spending and no new taxes are the demands from employers to the government, which aims to increase government revenues with a third reform and the issuance of $800 million in bonds.
Businessmen want to expedite the process of approval by the Legislature, in which Proesa is the governing body, and which may include water and sanitation projects.
Members of the Council for Growth are seeking Congressional support in order to make three amendments to the Special Act on Public-Private Partnerships.
Carlos Guerrero, private sector representative on the Board and president of the Salvadoran Chamber of Construction (Casalco) explained that the reforms revolve around three themes. "One is to expedite the approval process of a partnership in the legislature. Currently, a project has to gain approval of the Assembly many times," noted an article in Elmundo.com.sv.
Through its subsidiary Excel Automotriz, the Salvadoran company has bought the Panamanian Financiera Automotriz SA (FASA), for an estimated U.S. $100 million.
The acquisition of FASA, which owns Panamotor, Bavarian Motors, Hertz, Infiniti, MINI and Lifan, will be completed in two months after the relevant corporate approvals.
An article in Prensa.com notes that "FASA closed last quarter of its fiscal year in September with revenues of $218.9 million, an increase of 15.6% compared to the previous fiscal year, which amounted to $189.3 million, as explained in the Annual Update Report. Its net profit was $20 million, an increase of 149%, but this was due to non-recurring income from the sale of land that gave the group $10.2 million. Without this gain, they would have had a net income of $10.8 million, 34.7% more than in fiscal year 2010. FASA has about 3.8 million worth of issued and outstanding shares, which yesterday closed at 24 dollars on the Panama Stock Exchange, 75 cents less than their value in September when news of the transaction became known. "
Grupo Poma have invested more than 5 million to build 120-room hotel.
In order to expand options for business travelers and tourism in the city of Panama, Real Hotels and Resorts chain, a subsidiary of Grupo Poma in Central America, will open this month the second hotel by the Marriott chain in the country.
The hotel is located in Metromall, a 85,000 square meter shopping center, 15 minutes from Tocumen International Airport.
Choice Hotels International plans an expansion particularly in the cities of Antigua Guatemala and Quetzaltenango.
Rodolfo Guillioli, executive of the hotel division of Grupo Poma, which owns the Choice Hotels franchise, said they hope to reach agreements with any of the 25 hotels in those cities which are not operating under any franchise.
Guillioli told Sigloxxi.com, "we now have 15 hotels owned by Choice in Central America, Panama and the Dominican Republic and plans are that by the end of 2014 we will have more than 25 lodges in the region."
The Excel Automotive car dealership opened its new headquarters in the Department of Sonsonate.
The new complex offers integrated services which include sales of new vehicles, maintenance and part sales.
Andres Poma, National Manager of Excel Automotive, told Laprensagrafica.com, "The complex is located one block from the railway monument and has a total area of 2.520 m² of which 548 m² are workshop services.
The opening of the JW Marriot hotel, located in Bogotá's financial district, forms part of its South American expansion plans.
Fernando Poma Kriete, executive vice-president of Real Hotels and Resorts (the hotel division of Poma Group), commented that the hotel is, "in the financial district of Bogotá and features 264 rooms, 143 with king size beds, 96 with full size beds, 24 junior suites and one presidential suite".
Real Hotels & Resorts announced state-of-the-art technology upgrades for all its hotels in Central America.
Sound-proof meeting rooms, 25 giant screens for video conferences, and high-speed internet services are some of the innovations to be developed.
Fernando Poma, vice president of the hotel division of Salvadoran conglomerate Grupo Poma, told ElPeriodico.com.gt: "We have one objective: to be 5 years ahead of the competition by means of a process of constant innovation. Being the only hotel chain providing all these services helps us to be chosen by our customers".
The group announced a $1.2 million investment in Intercontinental Hotel in Tegucigalpa.
They are also planning investments in the city of San Pedro Sula somewhen in 2010, added Salvadoran entrepreneur Fernando Poma.
"In Central America we've had difficult times, and we are going to overcome these", said the businessmen, referring to the current political crisis in Honduras and economic situation in the region.
The new phase of Multiplaza Escazú in Costa Rica has already rented 90% of the available retail space.
The fifth phase of the Multiplaza Escazú shopping mall will be open to the public in November 2009, boasting 100 new stores. This mall was built and developed by Grupo Roble, the real estate division of Salvadoran conglomerate Grupo Poma.
Salvador Bolaños, Manager at Grupo Roble, was quoted by Nacion.com: "We are getting ready to deliver the stores to our tenants by the end of this month, for them to start restyling and equipment works as soon as possible".
The Panamanian car distributor, Excel Automotive, opened its third branch in the country.
According to Laestrella.com.pa, "Excel is the automotive division of Grupo Poma of El Salvador and it acquired the Mitsubishi distributorship in Panama."
The manager of the automotive company, Ricardo Cuellar told the media: "We have decided it is time to begin to grow and we are taking a step toward what will be sustained growth with this third branch."
Real Hotels & Resorts (RHR) is planning to double in size over the next two years.
The new projects, which should all be completed at the end of the next year, are spread over Central America from San Pedro Sula (Honduras), to the expansion of the Real Quality Hotel (Airport) in El Salvador, to a new project - Club Tower - annexed to the Real InterContinental Hotel in Escazu, San Jose (Costa Rica).
The new Club Tower and Spa, the biggest in the region, are now the main feature in the new image of the Real Inter-Continental Hotel & Club Tower Costa Rica.
Prominent designers contributed to make the new Real Inter-Continental Hotel a site of comfort and pleasure.
The new spa is the biggest in Costa Rica and offers a series of unique services which make visits to the site a unique and exclusive experience.
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