An environmental impact study has been submitted for construction of a complex of 3 mixed-use towers in Guatemala City, which will house commercial premises, offices, apartments and a hotel.
Data from the interactive platform "Construction in Central America" compiled by the Business Intelligence Unit at CentralAmericaData indicates that, in September, Grupo Cuadra S.A. presented an Environmental Impact Study (EIA) to the Ministry of the Environment to build a mixed-use building in zone 10 of Guatemala City.
A construction project is being planned in Zona Rosa, consisting of a 23-story tower as part of 63 thousand square meters of offices, a shopping center and 5 levels of parking, with an investment of $85 million.
An article on Elsalvador.com reports that "...The project, which will have 62,000 square meters of construction, is being developed by Inversiones Bosh, which owns the Sheraton Presidente Hotel and other companies operating in our country.The investment is around 85 million, in the first stage. "
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.
Predictions are that the office vacancy rate in Panama City, currently 33%, could reach 45% in 2016.
Following that under usage prevailing in the office market rental rates have dropped by up to 30%. In the case of hotels, they are also experiencing this phenomenon, the vacancy rate has fallen by 50% and in turn nightly rates have decreased by 28%.
In Costa Rica the investors of Altara El Tucano Trust rejected a proposal for refinancing, leading to the subsequent execution of the guarantee and possible sale.
After having created a trust to issue debt of $7 million to buy the hotel, the group of investors rejected the option to suspend the execution of the guarantee, which uses as collateral the hotel, valued in an appraisal made in July 2012, at $16.5 million.
Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.
Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.
Construction has started of a 100-room Marriott Courtyard and work will soon begin on a Hyatt Place which will have 120 rooms.
The information was released by Epaminondas Marinakys, president of the Chamber of Tourism of Honduras (CANATURH), who explained that Marriott is building its project in the area of Rio de Piedras in San Pedro Sula. "A Courtyard is being built at the end of Boulevard Morazan which is of the Marriott brand.
Situated on the Azuero Peninsula, the Cubitá Boutique Resort & Spa hotel comprises of 100 luxury rooms, a convention center, a shopping mall and a residential area.
From an article published by Grupo Cubitá:
On October 12, 2013 a new chapter will be written in the history of the Azuero Peninsula with the official opening of the acclaimed Cubitá Boutique Resort & Spa, the first project of its kind in the Republic of Panama.
The highway will make possible the construction of the 300-room hotel Decameron in Santa Isabel, which will be a center for tourism development in the area.
With a price tag of $18 million, the Tourism Authority of Panama is putting out to tender studies, design and construction of a road on the coast of Colon, between the communities of Cuango and Santa Isabel.
With its profitability affected by low hotel occupancy recorded in the capital of Panama, the hotel Esplendor has converted its 100 rooms into rental apartments.
This is the example of the boutique hotel Esplendor, which opened its doors in 2010 with an investment of $30 million, but at the end of 2012 closed due to the low occupancy rates, which made it unprofitable.
The mini city has become a target for locating companies in offices which now cost $3000 per square meter.
According to an article in Prensa.com "Up to the second half of 2012 there were 139 shops in Costa del Este, with an unemployment rate of 2.23%, one of the lowest in the capital, according to figures from CBRE Panama, consultant real estate. "
During that same period, there were 50,539 meters square under construction, representing one of the submarkets with the greatest amount of development in this location.
A property belonging to the Salvadoran Tourism Corporation will be offered to companies with experience in tourist oceanfront management.
Laprensagrafica.com reports that "The Minister of Tourism, Napoleon Duarte, presented yesterday to the Committee of the Legislative Assembly details of a proposed sale of state property in order to build a hotel."
The Trujillo Beach Eco-Development has been announced, with an investment of $50 million in an 600 hectare area which will feature residences for Canadian and Israeli citizens, in the form of condominiums and a hotel.
To date 40% of the total planned cost has been invested, which is $50 million. The "Trujillo Beach Eco-Development" project will be developed in a 600 hectare area in the area of Viejo Marañones, in the vicinity of Lake Guaymoreto.
The real estate firm Kirebe is to build a Wyndham Garden Hotel in San Jose, Costa Rica.
The new hotel will be located in Escazú, on land adjacent to Play and EPA, and will open its doors in August, according to the plans of the property firm Kirebe, which has previously specialized in residential condominiums.
"This new Wyndham Garden Hotel will be geared towards corporate-executive tourism, a niche which has been growing in the country recently," Nacion.com was told by Alberto Orlich, Development Director at the Costa Rican company that is aiming to diversify into hotels.
In order to attract the attention of investors, entrepreneurs have created a portfolio of six major projects for tourism development.
The Association of Coastal Marine Tourist Developers (Promar in Spanish), led by renowned Salvadoran entrepreneurs, recently presented the Government with an ambitious portfolio of six mega resorts with high potential to attract investment to the country, to be run in the next 14 years, and which is valued at $2 billion.