Colinversiones Dumps Hotels

Colombian energy holding company Colinversiones has agreed to sell its 3 hotels for COP50bn ($27m), it says, part of a broader plan to focus on its power holdings. The buyers are New Continents Hotels and The Flagship Hotels, both controlled by Bolivian-born tycoon German Efromovich. They will purchase the 297-room Hotel Intercontinental Medellin, 200-room Hotel Pereira and 200-room Hotel las Lomas. The deal was privately negotiated, a Colinversiones spokeswoman says. In March 2009, Colinversiones said the company was investing $20m to revamp the hotels with the intention of selling them, as part of a shedding of non-core assets as it focuses on the energy sector. The conglomerate owns Colombian generators Termoflores, Merilectrica, Generar, Flores IV and Hidromontanitas, which together generate 819MW.