First Five Star Gay Hotel Opens

The capital of Argentina, home to cowboy culture and the brutally macho tango dance, has just thrown open the doors to Latin America's glossy first five-star hotel for gays.

With more than 12 million people, cosmopolitan Buenos Aires has gradually become more and more gay-friendly, with bars, restaurants, guest houses and now a five-star hotel meant for us.

Experts estimate that a hefty 20 percent of tourists who visit Buenos Aires are gay. That means 300,000 gay visitors a year who spend 600 million dollars in the city, according to industry figures.

The Axel is looking to cash in on the potentially big and lucrative market niche.