Three major real estate developments in Puerto Vallarta - Grand Venetian, Peninsula and Tres Mares - have decided to change their designation to condo-hotels starting later this year. This information was announced by the Jalisco's Secretary of the Federation of Workers, Rafael Yerena Zambrano, who was contacted by the owners of these developments. He said, "This insures the strengthening of the local tourism industry, starting with generating sources of employment that this action entails."
Work is in progress to change the land use designations of the area occupied by these three developments. The condo-hotel is a variant between a hotel business and a real estate investment. We note that just changing the land use designation does not make the developments condo-hotels. The next step is changing the escritorio.
We do not know all the details of these changes. It is possible that not all towers will be converted to condo-hotels.
Once we review the details, we can make recommendations regarding investments.
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