The Los Cabos Convention & Visitors Bureau has announced that Mexico's President Felipe Calderón has officially selected Los Cabos as the host city for the 2012 G20 Summit, which will be held in June 2012.
The President made the announcement at a press conference held in Mexico last Thursday. The destination's first-class hotel and airport infrastructure were noted as two important factors in the decision.
With 13,000 total rooms in the destination, Los Cabos will dedicate 11,000 rooms to the G20 Summit to accommodate the more than 7,000 attendees, while the Mexican government will invest more than $47,000,000 into the development and promotion of the Summit.
In addition, a new 653,400 square foot convention center will house the G20 meetings and events. Designed to accommodate over 6,000 people, the convention center represents $100,000,000 investment by the federal government and a $1,500,000 investment from the State of Baja California Sur.
The G20 was originally established in 1999, in the wake of the 1997 Asian Financial Crisis, to bring together major advanced and emerging economies to stabilize the global financial market. To tackle the economic crisis that spread throughout the world in 2008, the G20 members were called upon to further strengthen international cooperation. G20 Summits have been held in Washington in 2008, in London and Pittsburgh in 2009, in Toronto and Seoul in 2010 and this year, the G20 will take place in Cannes, France from November 3 - 4.