Luxury Hotel -- the Hotel Quito -- Sold by IESS For $30.8 Million

cccmedia Ecuador/Colombia Expert

Member since 13 March 2014

cccmediaEcuador/Colombia Expert23 April 2016 20:15:04

10285

Did you know that the luxury property the Hotel Quito was owned by IESS, the agency that administers Social Security in Ecuador and the healthcare coverage in which many Expats participate?

Well, it was.聽 And now:聽 not any more.

The president of IESS, Richard Espinosa, has confirmed that an auction was just held via the stock market and an investor has bought the Hotel Quito for $30.8 million.

Who or what company is the new owner?聽 Not disclosed yet.

The 鈥渁rt deco鈥� hotel housed a casino until 2012 .. has a famous top-level restaurant featuring live music Monday to Saturday nights called Techo del Mundo (roof over the world) .. and offers 215 guest rooms.聽 The guest rooms and restaurant overlook Quito鈥檚 suburban valley.

Espinosa says the proceeds from the stock auction will be used to benefit the beneficiaries of IESS -- Instituto Ecuatoriano de Seguridad Social.

Hotel Quito has been offering Expats and locals the opportunity -- rare for any Quito venue -- to buy day passes to its temperature-controlled outdoor swimming pool / jacuzzi area.聽

厂辞耻谤肠别:听

聽 -- cccmedia in Quito

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vsimple ViP

Member since 25 January 2016

vsimpleViP24 April 2016 05:10:33

1224

Interesting, and is this part of the selling of assets to help pay for rebuilding that was reported in the news few days ago?

cccmedia Ecuador/Colombia Expert

Member since 13 March 2014

cccmediaEcuador/Colombia Expert24 April 2016 05:38:55

10285

IESS has its own 鈥榬e-building鈥� to do.聽 A study published in 2015 showed widespread abuses at the big Maldonado hospital in Guayaquil, including the theft of medicines that should have gone to IESS patients there.

cccmedia in Quito

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vsimple ViP

Member since 25 January 2016

vsimpleViP24 April 2016 06:58:32

1224

cccmedia wrote:
IESS has its own 鈥榬e-building鈥� to do.聽 A study published in 2015 showed widespread abuses at the big Maldonado hospital in Guayaquil, including the theft of medicines that should have gone to IESS patients there.

cccmedia in Quito

Unfortunately, this is worst than I thought.