Mexico’s Grupo Posadas announced Friday it is partnering with private equity firm Bighorn Capital to introduce Live Aqua, its luxury boutique hotel brand, to the United States. The move marks the first international expansion for Posadas, which operates more than 130 hotels in Mexico.
As a part of the agreement, Bighorn Capital will invest US$450 million to develop an initial five hotels, branded Live Aqua, in the metropolitan areas of Chicago, Los Angeles, Miami, Houston and Washington, D.C. According to a news release about the deal, these cities have large Hispanic populations and attract substantial Latin American and international tourists who will provide a strong foundation of guests with an affinity for the Live Aqua brand.
Début Hotel Group, a Hampshire Hotels Management company and owner and operator of hotel brands including Dream Hotels, Night Hotels and Time Hotels, will manage the Live Aqua U.S. hotels.
Each hotel is expected to comprise an average of 250 to 300 units. The concept for Chicago, targeted for completion in 2017, is to build an 82-story high-rise in the West Loop area and to dual-brand the development with the Live Aqua and Dream Hotels brands.