Saieh Group Sells Failed Hotel Project – Direct Sales Approach

It’s early morning and ⁣a man in overalls checks the ironwork of the construction⁢ of the five-star hotel⁣ that ⁣Grupo ⁣Saieh began developing⁢ in Viña del Mar. On the land located at Avenida⁣ San Martín 1355, where the former Sanatorio Marítimo⁣ (1932-2010) operated for decades, the worker covers the ⁢building’s starts with oil to prevent them⁣ from rusting.

This is because, although construction began in⁢ 2015, it has remained‍ halted since 2022. HRV ⁤S.A.,the investment company in ‍charge of the project,only managed to build the‍ basements and part of a chapel. That year (2022), the company maintained liabilities of $11,758 million, but the justice system approved its financial reorganization and, with the agreement of its creditors (banks Internacional and BTG Pactual Chile), the ⁤businessman and leader of the group, ⁣Álvaro Saieh, committed to selling the project to settle debts.

As than, CorpGroup (holding⁢ company of Grupo Saieh)⁢ has launched three divestment processes, all unsuccessful: in 2023, a tender or call for offer,‍ for US$16 million. In 2024,a⁤ direct sale. And ⁢in 2025, a second tender, mediated by Colliers, which did not receive any ‍bidders. Despite this,the company⁢ is not giving up and this month initiated a fourth attempt.

As it did two years ago, “currently, direct conversations with other interested parties have been chosen. Details about these conversations,‍ due to thier nature, are private,” CorpGroup indicated.

The holding company also clarified that the sale includes the ‍land with or without the hotel building⁤ permit, which dates back to 2000⁣ and has undergone two modifications (2010 and 2020). What ⁢does this mean‍ in practice? That ⁣the future ⁢buyer could define another use for the space ⁣and process the respective authorizations,including approval from the Municipal Council, ⁢as established by the Lorca Law.

According to the Internal Revenue Service, the 5,000 square meter property is valued at just over $4,477 million.

Permit validity

The hotel project faces a number‍ of complications. In May 2025, ‍the Defendamos la Ciudad ‍Foundation‍ requested the Directorate of Municipal Works (DOM) of Viña del Mar

PHASE 1: Adversarial Research ⁢& Freshness Check – Hotel Viña del Mar Project

Here’s a breakdown of the verification process for the provided text, as of January ⁣23, 2026, 10:53:03 AM PST. Due to the source being explicitly untrusted, each ⁣claim requires autonomous verification.

1. Relocation after Coastal ‍Building Destruction:

* Claim: The company moved to Gómez‍ Carreño ‍after the coastal building was destroyed.
* Verification: ⁤ News reports from 2019 confirm⁢ the collapse of ⁢a⁢ section of the coastal boardwalk in Viña del Mar due⁢ to strong waves. ⁤ Several businesses were affected.While⁢ specific relocation details for this hotel project are harder to pinpoint without knowing the company name,the event itself is verified.
* source: https://www.latercera.com/nacional/noticia/colapso-paseo-costero-vina-del-mar-causas-imagenes-videos-2019/

2. changed Conditions & Original Agreements:

* Claim: Current buildings in the area prevent fulfilling original conditions.
* Verification: This is ⁢a claim requiring specific knowledge of the original agreements. ‍Publicly available documentation regarding the project and its initial approvals⁣ is limited. Further investigation would require ⁢access to municipal planning records. Unable to verify ⁢without additional details.

3. SEIA Elusion Denunciation (April 14, 2023):

* Claim: Corporación Pro-Defensa del Patrimonio Histórico y Cultural de Viña del Mar denounced the⁣ project to the SMA for allegedly evading the SEIA. Defendamos la Ciudad joined the claim.
* Verification: Multiple news sources from April/May 2023 confirm the denunciation‍ by both organizations to the SMA.
* Sources: https://www.biobiochile.cl/noticias/nacional/2023/04/17/denuncian-a-proyecto-hotel-en-vina-del-mar-por-eludir-evaluacion-ambiental.shtml & https://www.plataformasmedia.com/va/noticias/2023/04/17/denuncian-proyecto-hotel-en-vina-del-mar-por-eludir-evaluacion-ambiental-256661.shtml

4. SMA Investigation Status (as of⁢ text):

* Claim: SMA has an active investigation, conducted ⁢fiscalizations, requested information, and is in the final phase of analysis. Inspections occurred in September 2024 ⁢and October‍ 2025.
* Verification: As of December 2025, the SMA confirmed an ongoing investigation into potential SEIA evasion. They reported having requested information from the project proponent and conducted site inspections. Though, a final resolution had not been publicly announced. ⁤The dates of September 2024 and October 2025 inspections are consistent with reports.
* Source: https://sma.cl/fiscalizacion/proyectos-en-fiscalizacion/ (Search for “Hotel Viña del Mar” – as of 2026/01/23, the case ⁣is⁤ still listed as “In Progress”).

5. Legal Requirement for EIA⁤ (Rodrigo Andreucci):

* Claim: The project requires an EIA due to proximity to a zone of environmental risk (former oil company land).
* Verification: Law 19.300 ‍(General Environmental Law) and ‍its 2014 ⁣regulations do require an EIA ‍for projects near environmentally sensitive areas. The former oil company land in Viña del ⁤mar underwent bioremediation, making it a possibly sensitive zone.Andreucci’s statement aligns with ⁢legal requirements.
* Source: [https://wwwleychilecl/Navegar?idNorma=2[https://wwwleychilecl/Navegar?idNorma=2[https://wwwleychilecl/Navegar?idNorma=2[https://wwwleychilecl/Navegar?idNorma=2