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.
A large scale theme park would be located in Guanacaste, on an estate measuring more than 900 hectares, with hotels, shops, offices and function rooms.
The project, developed by Sun Ranch calls for investments of $1 billion over 15 years and the use of 578 hectares.
The complex would be located about 9 kilometers from the city of Liberia, near the Daniel Oduber Airport.
The $150 million valuation of the Convention Center in Panama has been excessive by the authorities, who have requested a downward revision in order to speed up its sale.
The Minister of Tourism in Panama, Solomon Shamah has described the price resulting from an appraisal conducted by the Ministry of Economy and Finance as "excessive".
According to an article in Elsiglo.com, "Shamah said the Ministry of Finance gave a valuation of approximately $150 million for the sale of ATLAPA, but that seems too much, so they have asked for it to be revised so that it can be sold. ‘Once we have the new building, ATLAPA is not going to be used and Panamanians ought to have that money now for social projects and infrastructure’, he added. It has been announced that on July 11 the conditions for the tender for the design and construction of a new convention center will be published.”
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.
The Costa Rican Tourism Institute has assigned a floor plan and is preparing the specifications for a tender for the construction work.
Based on the preliminary designs, the new Convention Center will be located in Barreal de Heredia and will feature a 6,000 square meter exhibition hall.
The Minister for Tourism, Allan Flores, said that it looks as though they will have the new facility by the end of 2013.
In order to finance the construction of a new convention center, the Panamanian government has decided to sell Atlapa.
The first step will be to negotiate a sale with tourist groups so that the center can be retained, then if this venture is not successful a best value tender will be created. The last land valuation, made five years ago, was for about $90 million.
With the first payout of a $15.9 million from a syndicated loan worth $24 million, construction of the second stage of the tourism project in Honduras will begin.
The banks, Ficohsa, BAC Honduras, Ficensa, Rural Development Bank in Guatemala and Panama's Banco Pichincha had already approved a syndicated loan of $24 million to finance the tourism project.
Grupo Krea plans to have the first phase of the project ready en Playa Monterrico, Santa Rosa by the first quarter of 2012.
The Guatemalan development project consists of hotels, villas and apartments distributed over an area of twenty hectares and will be built over a period of 5 years.
The USA’s emerging economic recovery and the growth in Guatemala's own economy are some of the reasons that have brought Grupo Krea to venture into this tourist development.
The touristic development, to be located in the Tela Bay, finally landed funding from 5 financial institutions.
Ficohsa, BAC Honduras, Ficensa, Guatemala's "Banco de Desarrollo Rural" and Panama's "Banco Pichincha" approved a $24 million structured credit to fund this initiative.
Javier Atala, manager of Ficohsa Bank, noted that this project will contribute to the tourism industry and will help promote Honduras as one of Central America's leading tourist destinations.
The first Trump Hotel Collection of Latin America will open in Panama City in June 2011.
"The project required a $ 400 million investment, of which 220 million were obtained through a bond issuance held by Newland International Properties Corp. in 2007", reported Prensa.com.
The hotel has 369 rooms sized between 48.8 and 145 square meters, a 929 square meter spa and about 1.500 square meters for events.
Tourism projects which stalled due to the 2008 crisis, have retaken momentum.
Among the projects is Casa Mar, a $ 15 million residential complex, currently on its first phase.
Prensa.com reports, "The Ibiza group in Spain is building a Condor Hotel for more than 10 million dollars ... One of the projects to take off again is Vista Mar, from Shahani Investment."
Pellas Group begins construction of first phase of Guacalito Island project.
Located in the municipality of Tola, Rivas, in the Pacific coast of Nicaragua, it will stretch for some 650 hectares.
The first phase of $ 115 million includes construction of a boutique hotel with 35 rooms, the installation of basic infrastructure (power, ground water treatment, cable telephone and fiber optic), residence areas and golf course.
Tourism authorities are making progress in negotiations for land where a convention center would be developed.
Tourism Minister, Carlos Ricardo Benavides, said it is negotiating with the "Programa Integral de Mercadeo Agropecuario" (PIMA), who owns the land located in Barreal de Heredia.
Nacion.com reports "The convention center will be located with front to General Cañas Highway, five minutes from Juan Santamaria International Airport and surrounded by industrial parks, hotels and corporate centers."
The 200 room hotel will be developed in partnership with Westin Panama and Starwood Hotels & Resorts.
The construction of the new accommodation has already begun in the "Costa del Este" area of the Panamanian capital and is expected to finish by the end of 2012.
"Osvaldo Librizzi, Starwood president for Latin America, said that Westin Panama combined with Westin Playa Bonita will enable larger groups to be brought to Panama," reports Pa-digital.com.pa.
Nyesa Valores Corporación has announced the signing of a $330 million agreement with a North American investment fund to finance the construction project.
The complex will be constructed in the Costa Rican Pacific port town of Puntarenas and will feature a world class golf course designed by champion golfer Greg Norman, beach club, sports center and 1,400 residential units including villas, condos and vacant lots.