MercoPress. South Atlantic News Agency

Chilean Saieh group acquires hotel assets

Chile's Saieh family announced yesterday that it has acquired the assets of three hotels that used to be controlled by Arab magnate Gaith Pharaon, one in Buenos Aires, one in Santiago and one in Carmelo, Uruguay.

After a three-year negotiation, the group, headed by businessman Alvaro Saieh, acquired the assets of the Grand Hyatt in Santiago, and the Four Seasons in Buenos Aires and Carmelo Uruguay, according to a report in Santiago's El Mercurio newspaper.

Although there was no report on what was paid for the hotels, the newspaper said that Saieh had offered slightly under US$60 million for the Hyatt Santiago alone back in 2003.

Saieh also owns the Copesa news consortium, the Corpbanca bank and other real estate assets.

Pharaon has been selling off assets in the region and is under investigation for alleged money laundering through the now defunct Bank of Credit and Commerce International (BCCI) in Argentina.