Wednesday, October 14, 2009

Venezuela: Chavez orders purchase of Hilton-run hotel

The Jamaica Observer reports that President Hugo Chavez appears to be entering the hotel business after ordering his government to buy a Hilton-run hotel on Venezuela's Margarita Island.

Chavez issued a decree last week ordering the "forced acquisition" of the Margarita Hilton & Suites and its marina. The president's order was reported by Venezuelan media yesterday, after being published in the Official Gazette on Friday.

The decree clears the way for Chavez's government to expropriate the hotel. It's unclear how much Venezuela will pay or how soon.

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