The project consisting of 7 hotels with 855 rooms and condominiums to be built in the Papagayo Peninsula, Costa Rica, will be developed by the Costa Rican company Florida Ice and Farm.
According to a file submitted by the company Florida Ice and Farm (Fifco) to the Technical Environmental Secretariat, the project will require $467 million to be invested in five phases running up to 2022 and includes, in addition to hotels and residences, "...
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.
60% of hotels operating in the country have less than 30 rooms, in a market with oversupply in certain areas and a demand that is not growing.
Of the 2,515 hotels reported by the Costa Rican Tourism Institute, more than half are small establishments and family-run structures, while the others corresponds to large chain hotels, with a greater number of rooms.
The U.S. company American World Clinics reported that the project to be undertaken in Costa Rica includes a hospital, hotel and residences for retirees.
In partnership with a chain and a real estate developer in Costa Rica, the group American World Clinics (AWC) has announced that a resort will be developed in an area near the international airport and foresees that it will attract 10,000 foreign patients each year.
The current occupancy rate of 57% can be explained by the increased supply of rooms and the relative decline of San Jose as a business destination.
The increased supply of hotel rooms in the capital is one of the reasons for the low level of occupancy, which as of January stood at 57%. This occurs mainly in hotels that attract business travelers or tourists who spend up to two nights prior to departure.
A group of Central American business people are building the luxury resort Dreams Las Mareas in Guanacaste, Costa Rica.
Operations are expected to start in November at the luxury resort Dreams Las Mareas in Guanacaste, whose construction started months ago having been set up by a group of businessmen in the region, using an investment of $125 million.
The Altara El Tucano project has stopped paying its investors and is to execute the Guarantee Trust.
After the deadline of 30 working days provided to the settlor Altara The Tucano to provide the resources to pay obligations owed to the trust, the administrator, Scotiabank announced the execution of the guaranty for non payment.
"The trust was created to issue bonds to finance the purchase of the Hotel El Tucano, located in San Carlos , Alajuela.
In September and October hoteliers reduce or close their operations due to the low levels of occupancy recorded at this time of year.
Many of these companies send their employees on training courses or terminate their contracts as occupancy levels in these two months are at the lowest of the year. "... The situation is even more difficult, as it is estimated that the average occupancy will fall to 35%, and less than 30% in many cases," reported Nacion.com.
There is a growing trend among hotel chains to buy international franchises in order to improve their management.
For example, in Costa Rica, the Ramada Herradura changed its name to Wyndham Herradura following an investment of $1 million last December. In 2011, the Gran Hotel Costa Rica transformed its brand, changing its name to Gran Hotel Costa Rica Ascend Collection.
A long list of hotel investments are coming; 45 new hotels and $945 million in investment between 2012 and 2015.
Without reaching the levels of the pre-crisis boom of 2008, investment in the sector has rebounded registering $945 million in 45 new hotels from 2012 to 2015.
One example is the Sheraton hotel with an investment of $40 million which began operations this month in Escazú, and another brand that is to open is Andaz Papagayo which is opening in Guanacaste in December after an investment of $70 million. Similarly, other projects have opened their doors in the last year, while others plan to do so from between now and up until the end of 2015.
The Sheraton Hotel in Escazu which will be inaugurated on June 13, is valued at $40 million and has 172 rooms, 3 bars, 2 restaurants and a 1,500 square meter casino.
The hotel, since two weeks ago, now operates 24 hours a day and is located adjacent to Multiplaza. "Although it was initially announced that it would operate under the brand Sonesta, the hosting center decided to market its offering with the distinctive Sheraton brand, owned by the Starwood Hotels Company", reported Elfinancierocr.com.
With an investment of $30 million the Croc Casino Resort will be built in Jacó, which will have 17 floors, and is forecast to open in December 2014.
The complex will have 152 rooms and 44 luxury condominium residences as well as a beachfront pool, restaurants, a nightclub, a spa, the "Croc Habitat" retail shops and facilities for meetings and conventions.
The Swiss equity firm SunVesta Holding AG has announced the start of construction of the Paradisus Papagayo Bay Resort, with an investment of $170 million.
The opening of the new hotel, which will have 381 rooms and will be developed in 21 acres, is scheduled for late 2014 and will be operated by the Spanish chain Melia.
Nacion.com reports that "although the company has not disclosed the cost of the investment, the Costa Rican Coalition for Development Initiatives (Cinde) estimated it at $170 million, in May 2011, when the project was announced."
Six new hotels will be opening in the province of Guanacaste between late 2013 and mid-2014.
An article in Nacion.com reports that "a report commissioned by this newspaper with the Costa Rican Tourism Institute (ICT) determined that, as expected, four major projects will be opening in Guanacaste starting from the end of this year,."
It is expected that December this year will see the opening of the hotels Vista del Mar, with 58 rooms, and Andaz Papagayo in Liberia, with 153 rooms. By July of 2014 it is expected that the Meliá Papagayo, with 379 rooms, will open in the Canton of Carrillo. In November 2014 Dreams Las Mareas will open in Salinas, which is a hotel with 447 rooms.
The hotel chain La Quinta has announced an agreement with the Honduran Grupo Santos to open eight hotels in the region, starting with an establishment in Tegucigalpa, to open in 2014.
San Pedro Sula, Comayagua, Choluteca, and Roatan are other Honduran cities where La Quinta plans to have hotels.
The capital of Nicaragua, Panama and Guatemala are also on the list of cities which will have establishments belonging to the U.S. network.