The Posadas Group — Fiesta Americana, Fiesta Inns, One Hotels and other brands — is for sale according to an article in the newspaper Excelsior. Earlier this month, the group had announced expansion plans. Headed by Gaston Azcárraga Jr. and his brother Pablo, the firm last year sold, reportedly for $1, its controlling interest in now non-flying Mexicana Airlines. Founded in 1970 by the late Gastón Azcárraga, the firm reportedly is burdened by nearly a billion pesos in debt, a lot of money whatever the conversion rate is.
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Jimm Budd
Reporting from Mexico City
Member of the Society of American Travel Writers
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