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Colombia hotel construction surging

Colombia hotel construction surging

Compiled from Herald News Services

Wednesday, October 31, 2007

Hotel construction in Colombia is taking off with nearly $500 million in investment expected by next year, and large operators are eyeing entry into the market, attracted by tax breaks, burgeoning tourism and better security, the government said.

Deputy Tourism Minister Oscar Rueda told Reuters recently that investments will be around $450 million from 2007 to next year and chains such as Hyatt, Marriott, NH Hoteles and Sonesta International are already eyeing opportunities in the market.

"Hotel investment in Colombia is waking up," Rueda said. "I attribute this to the country's recovering image in terms of security, the strengthening economic recuperation, which means more demand, and also to tax incentives."

Rueda says the government has a target of 10,000 new hotel rooms through 2010. Last year, 1,400 new hotel rooms were built with help of tax breaks, he said. Current hotel occupancy is at 60,000 rooms nationwide.

Foreign tourists to Colombia reached just two million in the first half of this year, including travellers who cross Colombia's frontiers with neighbours Venezuela, Panama, Ecuador, Peru and Brazil.

© The Calgary Herald 2007

By Simon on Oct 31, 2007, 18:48 in Friendly Talkzone.

scotty says on Nov 1, 2007, 01:47:

Simon, I can't begin to tell you how amny people i know here in the states that want to visit Colombia but are afraid of the reputation. If that reputation ever goes away i think all those hotels in Colombia will be filled.

Get Rhythm, when you got the blues. Johnny Cash

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Morrongo says on Nov 1, 2007, 07:50:

When i recently went to Bogota,tried to get a room at my usual haunts..everywhere was busy and prices seemed to have doubled at some of them. There must be a boom somewhere.

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houstongal says on Nov 1, 2007, 11:33:

Remember, it's not just tourists going to Colombia. Lots of business travelers are going as well.

"It is now official: there's no place on earth where you will not find a Peruvian band." David Sedaris

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juanalejo says on Nov 1, 2007, 13:04:

5 star hotels in Bogota are 100% full, monday to friday. Getting a room has become a problem. Right now they are building the Marriot next to the Sheraton near the airport, Aviatur Travel Agents are building one in that area also, Hilton is building one in Chile Avenue area, J.W. Marriot also building one in that area, Ritz is going to build in Zona Rosa, Hilton also in Park 93, so will Sonesta and the colombian Royal chain who run the Radisson are also building a new tower of their Pavillon in Park 93.

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eywed says on Nov 1, 2007, 16:05:

But I dont understand , You all here on pbh keep telling me Colombia is to dangerous and not many will come. Story after story I'm getting closer to winning my bet.

Ay Hombe!!!!!

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