The Sheraton Cataratas, one of the most notable hotels in Argentina has been bought by the Dubai Albwardy Investment Fund for $55 million dollars.Directed by sheikh Ali Albwardy, whose fund already bought the Four Seasons Buenos Aires in 2011, the group has shared plans for investments to convert this unique hotel into a 6 star category hotel, following the likes of the Burj Al Arab hotel in Dubai.
The formal arrangements still have to be organized, but local sources informed national Argentine news paper ‘ La Nacion’ that the deal will be finalised next month.
According to the ex-minister of Tourism for the Misiones region where the hotel is located, the hotel could be rebranded from Sheraton to Four Seasons, as sheikh Albwardy already manages the Four Seasons hotel in Buenos Aires. Since 2011 the sheikh had been in contact with the minister of tourism and -as a passionate polo player- has organized various encounters with the ‘Messi of Polo’, Adolfo Cambiaso, to explore his opportunities in Argentina.
The Sheraton Cataratas is the only hotel constructed within the Iguazu National Park. The park has been UNESCO World Heritage Site since 1986 and was chosen as one of the seven natural wonders of the world in 2011. From its terraces, the hotel offers a fabulous view on the biggest water fall complex on our planet, the Iguazu Falls. It is an undoubtedly unique location, especially considering that it is currently prohibited to build new hotels closer than 25km to the falls.
The hotel was built for the World Cup 1978 and had received many famous guest including presidents, rock stars and other international celebrities like king Carlos of Spain, Roger Moore, Luciano Pavarotti, and Michael Schumacher. Robert de Niro stayed in the hotel while filming the movie ‘The Mision’ in the region alongside Jeremy Irons.