CEMEX agrees to sell hotels for US$116 million
May 5, 2000
CEMEX, S.A. de C.V. (NYSE: CX) announced today that it has signed an agreement with Marriott International to sell its 100% interest in the Marriot Casa Magna hotels in Cancun and Puerto Vallarta, Mexico, as well as a land property in Puerto Vallarta, for a total of US$116 million.
The proceeds of the transaction will be used to reduce debt.
This sale confirms CEMEX´s commitment to continue focusing on its core international cement and ready-mix businesses.
CEMEX originally constructed the two hotels in 1990 to capture part of the growing tourism industry in Mexico as well as to increase its US dollar based revenue stream.
CEMEX is one of the three largest cement companies in the world, with approximately 65 million metric tons of production capacity. It is also the world´s largest trader of cement and clinker and the world´s leading producer of white cement. A pioneer in the use of information technology, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker through operating subsidiaries in four different continents.