Colinversiones Revamps Hotels for Possible Sale

Colombia’s Colinversiones is investing $20m to revamp hotel properties with the intention of eventually selling them, CEO Juan Guillermo Londono tells LatinFinance. He adds that the company has been refocusing its investments on the electricity generation business. Colinversiones has majority stakes in Intercontinental Hotel of Medellin, Hotel de Pereira and Las Lomas in Rio Negro. Altogether, these have some 650 rooms, Londono says. “We are in the process of improving these assets and eventually we would like to sell them if we are offered an adequate price,” he explains. Renovations are expected to be finished in May. Proceeds from the potential sale would go to improve and expand Colinversiones’ energy assets and acquire more, Londono says. The company already has some $400m in cash for such purposes, the CEO adds. Colinversiones owns electricity generators Termoflores, Merilectrica, Generar, Flores IV and Hidromontanitas, which together generate 819MW.