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Argentina'sEduardo Eurnekian is a hard-chargingvisionary who has built an almost $1 billion media empire in the past decade.Now, this local version of Citizen Kane wants to become Argentina's tourism king.
Earlierthis month, a consortium led by Mr. Eurnekian won a 30-year concession torun 33 of the country's main airports. He has bought the Howard Johnsons masterfranchise for Argentine from Cendant Corp. of the U.S. and plans to pepper thisvast country with U.S.-style hotels and motels. And he's engaged in talks to invest in a regional airline company.
"Tourismis going to be a geometric growth business in Argentina," says the65-year-old Mr. Eurnekian in a rareinterview. He says the Argentina of today is like the U.S. of the Eisenhowerera: a place of newly affluent people who, coming out of years of hardship,want to stretch their legs. "The demand for U.S.-style and U.S.-qualityservices will be fantastic."
It hadbetter be, given the size of the commitments made by Mr. Eurnekian and hispartners in the airport deal. Together with New York-based ground-servicesgiant Ogden Corp. and Italy's Assaeroporti SpA, the operator of Milan airport,Mr. Eurnekian's Corp. America Sudamericana SA has pledged to pay more than $5billion to the government and to make $2.2 billion in new investments duringthe life of the concession. Currently,only two of the 33 airports are profitable and even those are in need of a majoroverhaul.
