The Carso Group, headed by Carlos Slim — often listed by Forbes as the world’s richest man — has acquired the Loreto Bay project in Southern Baja California. Loreto, once the capital of all the Californias, decades ago was designated as one of Mexico’s new vacation destinations. The others were Cancun, Los Cabos, Ixtapa and Huatulco. At Loreto the fish are jumping and the palm trees grow high. To one side, hawks soar over the desert, to the other, pelicans skim the sea. The Sierra La Giganta rises up, jutting out of a placid cobalt sea. Yet in spite of many efforts, Loreto has yet to catch on. Most famous failure was a Canadian developer, David Butterfield, who started the Loreto Bay project in hopes of selling homes to the soon-to-be-retired. But Loreto can be chilly during winter, sizzling during summer, and is not easy to reach. Airlines suspended service due to lack of demand. But Slim is not known for making bad investments.
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Jimm Budd
Reporting From Mexico City
Member of the Society of American Travel Writers
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