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October 31, 1994|From Times Staff and Wire Reports

Mexican Group Ends Bid for Westin Hotels: A group of Mexican investors led by businessman Bernardo Dominguez said it has decided not to buy U.S.-based Westin Hotels & Resorts Inc. In a press release, the Dominguez group said it had raised $260 million and was nearing completion on other financing arrangements when it chose to end its 10-month-long negotiation with Seattle, Wash.-based Westin. "They ceased negotiations because of the increase in interest rates, the volatility of the high-yield bond markets and Westin's inability to achieve projected cash flow returns," the statement said. It said Dominguez, a 33-year-old self-made construction tycoon, will "continue to pursue hospitality and other real estate ventures in the U.S. to supplement his Latin American investments."

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