More Time to Develop Tourism Projects

Because of the delay of the Costa Rican authorities to solve the problem of water supply in the Gulf of Papagayo, developers request that the terms of the concessions granted to them to develop tourism projects in the area be extended.

Tuesday, June 4, 2019

The Instituto Costarricense de Turismo (ICT) has already received requests for concessions to be extended, because some of the projects that have not been completed have already consumed half of the time they were granted.

See “Costa Rica: Lack of Water is Paralyzing Investments

Crhoy.com reviews that "... The ICT already has applications on the process. One of the first was presented by former Tourism Minister Rubén Pacheco, who is the concessionaire of at least seven lots in the Bahia area, five of them under Enjoy Hotels and Resort and two more from Wafou. Pacheco confirmed the procedure because they have had the investments stopped for about ten years.

On March 5, Pacheco confirmed to the Executive Office of the Papagayo Tourist Pole its request for the extension of the term, in which it is requested that "... a readjustment and restitution be made to the term of the concessions, because they have been unable to develop their projects for lack of water resources.

Also see “Tourism: Investment Reactivation

Last year, the ICT showed its willingness to extend the deadlines. According to the resolution of session 6027 of May 7, 2018, it is stated that "... It is viable to restore the concession term that had been paid in due time and was not enjoyed, to those concessionaires that have been unable to develop their projects for lack of water resources. Such restitution of time, as a reparative measure, must be proportional to the effective period in which the affectation for lack of water resource occurred."

In the last report that CentralAmericaData made of the situation of water supply in the place, it was stated that there is optimism to reactivate at least 11 projects, after March 1 was inaugurated the Aqueduct Las Trancas-Papagayo Bahia, which was achieved after an agreement between the Costa Rican Institute of Aqueducts and Sewers, the Costa Rican Institute of Tourism and the private sector.

More on this topic

Tourist Project Concession Canceled

July 2019

Arguing that a complete report on the financial situation of the companies owning the development was not presented, the Costa Rican Tourism Institute decided to cancel the concession of the Monte del Barco project, in the Papagayo Tourist Pole.

Aldesa Fondos de Inversión reported that Inversiones Monte del Barco S.A.

Tourism: Investment Reactivation

April 2019

Now that the works that will allow the water supply to the main tourist centers of the Gulf of Papagayo, in Costa Rica, are finished, it is expected that they will restart the investments paralyzed years ago.

After the opening of Las Trancas-Papagayo Bahía Aqueduct on March 1st, which was achieved after an agreement between the Costa Rican Institute of Aqueducts and Sewers, the Costa Rican Institute of Tourism and the private sector, there is optimism that investments can be reactivated in at least 11 projects.

Costa Rica: Lack of Water is Paralyzing Investments

March 2017

$320 million is the value of investments in hotel projects in the touristic development pole Gulf of Papagayo that have failed to start due to lack of water.

Unable to present a letter of guarantee of water resources, 11 tourism development projects planned for the Gulf of Papagayo in Guanacaste, have failed to start. Lack of water is a problem that has affected the development of the area for years.

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.

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