A free zone, two hotel developments and a condominium estimated at $185 million and $30 million are part of the works that private entrepreneurs have planned for the province of Limon, in Costa Rica.
With the announcement of the construction of the container terminal at Moin and the extension of Route 32, investors have glimpsed investment and business opportunities in the province, which foresees strong economic development in the coming years.
An announcement has been made that this year will see the start of construction of a hotel and condos on the Pacific coast in the municipality of Tola, Rivas department.
The project which will be developed in an area of 55 blocks in Sardinas Beach already has an environmental permit and was ready to continue with the process when the indigenous community of the area began a process against it.
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.
Three hotels are expected to start operations during 2015: the Paradisus Papagayo Bay Resort, with an investment of $90 million, the Marriott Papagayo, with $67 million and the Wyndham Resort Papagayo YU, with $22 million. Authorities in the Gulf of Papagayo Tourist Pole pointed out that besides the three projects formal presentation of the designs and the start of procedures to build a hotel and a residential complex is also awaited.
Between January and November 30th tax breaks for private investment projects were approved as well as 9 public ones, estimated at $95.7 million, up 125% compared to the same period in 2013.
Added to the approval for incentives for investments worth $95.7 million are more supplies for tourism, including 12 hotels, adding 283 new rooms. It is expected that by the end of 2014 incentives for investment in tourism will reach $100 million.
An announcement has been made for the 2016 opening of a Fairfield hotel by Marriott, a 130-room hotel in San Salvador, situated next to La Gran Via shopping center.
From a statement by Marriott International:
Marriott International has announced its plans to open a hotel with 130 rooms under the Fairfield by Marriott brand in El Salvador. The hotel will be located next to La Gran Via shopping center and close to companies such as Xerox, Citibank, the World Bank, Bayers and Siemens. The hotel will serve as an excellent accommodation choice for frequent business travelers. The hotel will be developed by Dueñas Hermanos Ltda. And managed by Marriott International under a long-term agreement.
The hotel chain has announced that it will open in 2016, a 147-room Courtyard hotel in zone 10 in Guatemala City.
From a statement issued by Marriott:
Marriott International has announced plans to open the first Courtyard by Marriott hotel in Guatemala City. The hotel project was signed with the Azur Group, a family business that invests in real estate, hospitality and restaurants.
The industry is looking to regain ground in the country with the expansion of four chains of hotels by the end of 2016.
La Quinta Inns & Suites, Hyatt, Four Seasons and Marriott hotels are to be added to the supply in the Guatemalan market. Zone 10, Quetzaltenango and Antigua are some of the locations that will host these projects.
Peter Duchez, director of the Guatemalan Institute of Tourism (INGUAT) told elperiodico.com.gt that "...
Between October 2013 and September 2014 permits to build 53,827 square meters of hotels were processed, 21% more than in the same period in 2012-2013.
The county of Garabito in the province of Puntarenas, has performed best, as of the total amount of building permits requested for hotel projects in the country, this canton has an 18% share, with a total of 13,455 square meters processed.
Grupo Roble has announced it will build a shopping mall, of the Multiplaza brand, connected to a Marriott hotel, near the highway to El Salvador.
It is expected that by 2016 the first Multiplaza will be built in Guatemala operating in an area of high value, on the highway to El Salvador. The mall will feature terraces connected to a Marriott Hotel and a mix of shops, restaurants, entertainment and services.
An environmental impact study has been presented for a development, estimated at $400 million, which consists of 3 hotels, a golf course and 34 residential buildings on the Pacific coast, province of Puntarenas.
The company LAKE HILLE Y A S.A. has submitted to the Environmental Technical Secretariat of Costa Rica (Setena) an Environmental Impact Study to build a resort called "Punta Loros" in a beach touristic area 45 minutes away from San José, located in Tarcoles Garabito de Puntarenas.
Latam Hotel Corporation will build and operate, beggining in 2016, a Hyatt Place hotel with 140 rooms in the Cascadas shopping center in San Salvador.
From a statement issued by the Agency for Investment Promotion and Export El Salvador (Proesa):
With an investment of more than USD 36 million, the Government of El Salvador in conjunction with Latam Hotel Corporation has laid the first stone where the Hyatt Place San Salvador hotel will be built.
The American chain La Quinta Inn has announced that in 2015 it will begin construction of three hotels in Managua, Guatemala City and Quetzaltenango.
From a statement issued by La Quinta Inn and Suites:
IRVING, Texas, Aug. 12, 2014 / PRNewswire / - La Quinta Holdings Inc. (NYSE: LQ) ("La Quinta" or the "Company"), owner, operator and franchisor of La Quinta Inns & Suites, announced it has signed franchise agreements for new hotels in Nicaragua and Guatemala, marking the entry of the company into those countries.
Although since 2011 the construction of hotels has shown a downward trend, 23 new projects requested a declaration of interest in order to start operations in the country.
Figures from the Construction Chamber show that between 2011 and 2013 the total square meters approved for construction of new hotels dropped from 140,670 m² to 51,975 m². However, it seems that the sector us beginning to recover, as there are 23 projects that were declared of interest by the Costa Rican Tourism Institute (ICT) that are under construction or have received approval to start work.
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.
A report by a swiss capital company, SunVesta Inc., published by the United States Securities and Exchange Commission (SEC) reports on the details and progress of the $190 million tourist resort that the firm is developing in the Gulf of Papagayo in Guanacaste, Costa Rica.
More and better roads, the new Rio Hato airport and the construction of three new hotels, are a sign of Colon's heavyweight presence in the Panamanian tourism boom.
The construction of the 26 kilometer highway between Cuango and Santa Isabel is encouraging investment in tourism infrastructure in the Caribbean, a hitherto unexploited area because of a lack of adequate transport access.