$467 million Tourism Development Announced

The project consisting of 7 hotels with 855 rooms and condominiums to be built in the Papagayo Peninsula, Costa Rica, will be developed by the Costa Rican company Florida Ice and Farm.

Monday, July 7, 2014

According to a file submitted by the company Florida Ice and Farm (Fifco) to the Technical Environmental Secretariat, the project will require $467 million to be invested in five phases running up to 2022 and includes, in addition to hotels and residences, "... the building of four beach clubs, a community center, an equestrian center, a golf course, lakes and 165.3 acres to be preserved as a private reserve. "

Elfinancierocr.com reports that "... the work to be developed in Nacascolo beach in Guanacaste, is the responsibility of the subsidiary Fifco, North Peninsula Holdings SA (NPH) and Gisela Sánchez, director of corporate relations Fifco added that "it is ... an investment which is 100% controlled by the conglomerate, but the incorporation of strategic partners in the future has not been ruled out. "

"... The work ... includes the development of 12 residential areas (buildings with a maximum of three stories containing condominium apartments) with 811 units in an area of 39.9 hectares."

Another project that was recently announced and estimated to be ready later this year is the Meliá Paradisus Papagayo Bay, on which CentralAmericaData.COM published a detailed report in May this year.

More on this topic

Tourist Resort in Guanacaste Makes Progress

July 2018

The W Costa Rica hotel, which will offer a total of 151 rooms and is located in Guanacaste, reported that it plans to start operations in November of this year.

In July 2015 the company Florida Ice and Farm Company S.A.

Purchase of Four Seasons Hotel in Costa Rica

August 2016

In a transaction whose amount was not disclosed, the U.S. company Gencom acquired the majority of the share capital of the hotel complex Peninsula Papagayo Resort in Guanacaste.

According to a statement released by BusinessWire, the acquisition includes the Four Seasons Papagayo, an 18 hole golf course and clubhouse, the Papagayo Marina and Prieta Beach Club.

Status of Major Tourist Destination in the Region

January 2015

In the Gulf of Papagayo the government of Costa Rica has already granted 35 areas in concession, which occupy almost 90% of the total area to be developed.

At the moment nine resorts are operating, three are under construction and it is expected that design plans for two more will be submitted this year.

Florida Ice Withdraws from Tourism Project in Costa Rica

January 2012

The company has announced its withdrawal from the Peninsula Papagayo tourism project in the Guanacaste Province.

The company owned a "minority share" of the project.

Corporate Relations Director of Florida Ice & Farm CO. Inc. (Fifco), Gisela Sanchez, explained in a press release that: “‘In line with strategic thinking regarding controlling the projects in which the company invests, we will now have the advantage of having full control over the development of large lot in the northern sector of the Papagayo peninsula. "

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