Loreto Bay Company Reports on Progress

Today at Tourism Tianguis 31, Loreto Bay Company's president and CEO, Jim Grogan, outlined the successful first phase of The Villages of Loreto Bay, a seaside community in Baja California Sur. Loreto Bay is working in partnership with FONATUR, Mexico's tourism development agency. FONATUR is responsible for the creation of Cancun, Ixtapa, Huatulco, Los Cabos and now, Loreto Bay. To date, 600 homes have been sold in The Villages of Loreto Bay. The nine-phase project will ultimately comprise 6,000 homes, created with an eye to ecological responsibility and environmental sustainability. The development will have six spas, as well as a golf course. Loreto Bay Company and Citigroup, through a joint venture, purchased the 155-room Camino Real Resort, now called the Inn at Loreto Bay. The hotel will see extensive renovations later this year. Grogan predicts that out of 60,000 homes in The Villages of Loreto Bay, at least 10,000 will be available for rental. He also expects boutique hotels to be built. Visit [www.loretobay.com].

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