Historical Club in Montevideo, Uruguay will be restored and converted into a luxury hotel

The positive trend in down town montevideo, Uruguay with restoration of key properties continue. The new president José Mujica said his government respect investment and reiterated his idea of promoting the country as "a good place to live."

The Jockey Club with its splendor architecture will be the greatest hotel in Montevideo.
Portuguese group Pestana Hotels & Resorts, has leased the building of the Jockey Club in Montevideo for the next 38 years. This group specializes in rescuing historic buildings and converting them to five-star hotels. The refurbishment will last two years and shall respect the historical architecture of the building, which used to be one of the most luxurious and representative of Montevideo in the '30s and '40s. Built in 1932, the building was declared a National Historic Monument in 1975 and has been closed since the late '90s due to the bankruptcy of the Jockey Club.

The total investment is estimated to be $ 15 million.Once completed the hotel will have 100 rooms and will offer 130 jobs. The hotel will be called Pestana Montevideo.

The group representative, Luis Araujo Pestana, expressed his confidence in the political stability as well as the social and economical developments in Uruguay. However, he emphasized that the building itself is a reason more than valid, for their investment in this country.

Source http://www.spectador.com/