Tesoro Resorts Los Cabos is Cabo’s giant downtown anchor hotel (formerly called Plaza No Glorias) on the main drag overlooking the marina. Over the years, ownership has changed hands at least three times, which included one bankruptcy. And there’s a long, ugly history of discouraged business owners who bought their space on Tesoro’s Resorts Los Cabos property (called locales). Almost all of the businesses own their units—there’s not a lot of leasing of business space in Mexico.