Tourism: Investment Reactivation

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.

Tuesday, April 2, 2019

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.

See "Costa Rica: Lack of Water is Paralyzing Investments"

Among the construction projects that would be reactivated are Hotel and Condohotel Matambú, Condo Hotel Yu Papagayo, Hotel The Point, Hotel and Condohotel Altepe and Hotel Punta Mar.

María Amalia Revelo, Minister of Tourism, explained to Elfinancierocr.com that "... the lack of water resources made it materially impossible for developers to begin construction, but stressed that the new infrastructure provides 80 liters per second to concessionaires."

You may be interested in "Central America: $766 million in Tourism Projects" and "$129 million Touristic Development Projected".

Rodrigo Castro, executive director of Asopapagayo, said that "... It doesn't mean that with the water solution the court is already flat, there are still some obstacles to which we have to look for solutions, but we are in the process. I believe that if we continue to take steps in the right direction, this project has the potential to build 3,600 more rooms."

According to Asopapagayo's projections, some $1.2 billion will be invested in the next few years, which will allow for a supply of nearly 5,400 rooms.

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More on this topic

$200 Million Investment in Tourism Announced

June 2019

The Canyon Group plans to invest more than $200 million in the construction of its first resort in Central America, which will be on the Papagayo Peninsula in Guanacaste, Costa Rica.

Without specifying the start date of construction of the new resort, which will be part of the brand of hotels "Six Senses", the developers of the project reported that the hotel is expected to be ready in mid 2021.

More Time to Develop Tourism Projects

June 2019

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.

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.

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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Marina Papagayo

Organization that operates in Costa Rica and Costa Rica.
Phone: (506) 2296 2722

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