HSBC Unloading Two Beachfront Mexico Hotels

IXTAPA, MEXICO-The London-based bank HSBC is looking to unload two beachfront hotels that came with its 2002 acquisition of GF Bital, one of Mexico’s largest banking institutions. GF Bital took control of the properties–Riviera Beach Resort Ixtapa and the Rivera Beach Resort Mazatlan–after the owner defaulted on a loan secured by the properties, both of which were substantially renovated in 1997.

Built in 1979, the 173-room Ixtapa property is located in a master planned area developed by Fonatur, the Mexican Government’s agency for the development of resort areas. The four-star hotel sits adjacent to the Presidente Intercontinental and the Dorado Pacifico hotels.

The Mazatlan property, built in the 1960s, has 134 rooms and is located in the center of the hotel zone of Mexico’s largest port city. The three-star property includes two buildings, the hotel in the oceanfront building and 41 time-share units in the building across the beachfront avenue.