Argentine President Cristina Fernandez will expand her hotel holdings in the Patagonian municipality of El Calafate by building a new hotel, the fourth she owns in that southern tourist town, the daily Clarin reported Tuesday.

The paper reported the start of work on the new hotel located in the Punta Soberana zone on the outskirts of El Calafate, which is on the road to the well-known Perito Moreno glacier.

The construction will be undertaken on a plot of land known as "quinta 178," which the president bought from the municipality in 2006 at a price of 1.19 pesos per sq. meter (about 1.6 cents per sq. foot), Clarin said.

The hotel is not the only work under way among the president's real estate properties, given that the Las Dunas Inn, another of her holdings, is in the process of being expanded to triple its capacity, the newspaper said.

Los Sauces, a boutique hotel next to the house Fernandez owns in El Calafate, was recently expanded.

The president calls the house "her place in the world" and enjoys traveling there with her family for weekends and vacations to rest.

In late 2006, the press reported that Fernandez and her late husband, former President Nestor Kirchner, had bought various government-owned properties for 7.50 pesos per sq. meter (about 19 cents per sq. foot at the then-exchange rate) when their market value was fluctuating between 30 and 120 pesos ($0.74 to $2.98). EFE