By Narayan Ammachchi
Investment is pouring into Costa Rica’s hospitality industry, with $945 million to be invested in 45 new hotels over the next two years.
This is the sector’s first sign of a recovery since the 2008 economic crisis, according to Elfinancierocr.com.
The Sheraton, will invest $40 million to build a hotel in Escazú in the country’s Northeast. Nearby, another $70 millon-project will be inagurated in the next few days. The $48 million Croc’s Casino Resort in the coastal city of Jaco will be completed by year-end.
These new projects will add 4,000 new hotel rooms to the country and generate employment within the tourism industry. Last year alone, hotels and restaurants generated over 100,000 jobs in the country, according to the National Institute of Statistics and Census (INEC).
Costa Rica’s attractive tourist destinations and the government’s hands-on international campaigns are believed to be driving the industry, which attracted 2.4 million tourists last year. However, some analysts believe that the regulatory framework, zoning and environmental laws limit further expansion in the sector.