Tourist Projects Schedules Suspended

The Board of Directors of the Costa Rican Tourism Institute agreed to suspend the schedules for the execution of works, to all the companies that have a development permit in the Polo Turistico Golfo de Papagayo.

Monday, May 17, 2021

The measure was taken by the authorities to mitigate the effects caused in the tourism industry by the Covid-19 pandemic, informed representatives of the program that is administered by the Costa Rican Tourism Institute (ICT).

With this resolution, all companies that have a permit for the development of activities in this area of Guanacaste, will not be obliged to comply with the schedule for the development of works of their projects until August 31, 2022.

You may be interested in "Central America: $766 million in Tourism Projects"

Henry Wong, executive director of the program, told Nacion.com that "... the agreement of the Board of Directors grants the possibility of suspending deadlines for execution and work schedules to all concessionaires of the Polo Turístico Golfo de Papagayo."

Wong specified that "... eight concessionaires processed modifications in the project deadlines as a result of the pandemic", being Monte del Barco y Goda, Grupo de Inversiones y Promociones El Almendro, La Casa Sin Nombre, Oceano Uno Cristal del Pacifico, Codohotel Loma Linda, Sun Vesta, Enjoy Hotel & Resorts, Aguas Pacificas Subterraneas and Inversiones Hoteleras Playa Pochote, the companies that carried out these actions.

The program consists of the concessionaires paying a fee for the use of the land and committing to develop tourism projects through a master plan.

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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.

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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.

Radiography of a Large Tourism Development

May 2014

The Paradisus Papagayo Bay Resort & Luxury Villa’s under construction in Costa Rica on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue.

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