TRENDING
THERE ’ S A LOT OF CASH LOOKING FOR INVESTMENT IN RESORTS IN MEXICO . SO , WE ARE THINKING ABOUT STRUCTURING A PLATFORM TO RAISE INSTITUTIONAL CAPITAL IN THE U . S . THERE IS NO PLATFORM RIGHT NOW THAT JUST SPECIALIZES IN LEISURE .
– CHARLES EL MANN FASJA
It will soon open the Waldorf Astoria Cancun .
Fasja says every new and developing project is funded privately and the company is looking at new ways to attract funding from the U . S . “ There ’ s a lot of cash looking for investment in resorts in Mexico ,” he says . “ So , we are thinking about structuring a platform to raise institutional capital in the U . S . There is no platform right now that just specializes in leisure .”
Fasja says the company benefited throughout the pandemic through its practice of local sourcing of materials to build and furnish its hotels . While companies struggled with supply chains , Parks was able to keep on building its properties .
“ We started a project years ago developing local supply sources in Mexico ,” he says . “ Maybe 90 % of our hotels are made in Mexico . That ’ s why we were able to open hotels during the pandemic while others had shipping problems .”
Despite all this growth , there are still challenges . The most difficult , according to Fasja , is dealing with the government .
“ Mexico ’ s biggest challenge is the political entitlements process . It takes too long to get a site approved and we want to speed it up as much as we can ,” he says . “ Entitlements and authorization are the most complicated part of development right now .”
But for now , he says the resort and hospitality business will keep Parks Hospitality busy . “ We ’ re bullish on the growth leisure segment not so much with business hotels ,” he says . “ Leisure will grow exponentially .”
He points to the fact that nature of the leisure traveler to Cancún has changed , as well . Once known as a destination for spring break , it has since changed its perception as a resort destination for those looking for upscale experiences .
“ Cancún is becoming one of the most important luxury markets ,” Fasja says . “ It wasn ’ t that way 10 years ago . The mindset of traveler is changing post pandemic . The behavior is changing .”
34 hotelsmag . com September 2022