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Luxury Hotel -- the Hotel Quito -- Sold by IESS For $30.8 Million

Did you know that the luxury property the Hotel Quito was owned by IESS, the agency that administers Social Security in Ecuador and the healthcare coverage in which many Expats participate?

Well, it was.  And now:  not any more.

The president of IESS, Richard Espinosa, has confirmed that an auction was just held via the stock market and an investor has bought the Hotel Quito for $30.8 million.

Who or what company is the new owner?  Not disclosed yet.

The “art deco” hotel housed a casino until 2012 .. has a famous top-level restaurant featuring live music Monday to Saturday nights called Techo del Mundo (roof over the world) .. and offers 215 guest rooms.  The guest rooms and restaurant overlook Quito’s suburban valley.

Espinosa says the proceeds from the stock auction will be used to benefit the beneficiaries of IESS -- Instituto Ecuatoriano de Seguridad Social.

Hotel Quito has been offering Expats and locals the opportunity -- rare for any Quito venue -- to buy day passes to its temperature-controlled outdoor swimming pool / jacuzzi area. 

Source:  www.eluniverso.com

  -- cccmedia in Quito

Interesting, and is this part of the selling of assets to help pay for rebuilding that was reported in the news few days ago?

IESS has its own ‘re-building’ to do.  A study published in 2015 showed widespread abuses at the big Maldonado hospital in Guayaquil, including the theft of medicines that should have gone to IESS patients there.

cccmedia in Quito

cccmedia :

IESS has its own ‘re-building’ to do.  A study published in 2015 showed widespread abuses at the big Maldonado hospital in Guayaquil, including the theft of medicines that should have gone to IESS patients there.

cccmedia in Quito

Unfortunately, this is worst than I thought.

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