Spanish hospitality group Meliá Hotels International is planning to ramp its expansion plans in Asia and Latin America, in an effort to offset the risks of a downturn at home.
Following the company’s Annual General Shareholders Meeting, Meliá’s chairman Gabriel Escarrer said that the current crisis hitting the Spanish economy meant that the company must look overseas to secure its future.
“We have to be where our customers are,” he said. “Only by growing in emerging markets and earning their trust will we become a truly global company.”
Escarrer cited Brazil, Latin America and Asia as areas where Meliá “already has a significant portfolio and where it will continue to grow in the coming years”.
He also noted that in 2011 around 80% of the company’s operating profit was generated outside Spain; a fact Escarrer attributed to “the growth and the dynamism of these markets”.
Meliá currently operates seven hotels in Asia and 65 in Latin America.
