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Demand For Rooms Bolsters Hotel Projects

By Ralph Nicholson

Friday, August 22, 2008

Hotels Do Well Despite Economic Slowdown, Say Financiers

Tourism projects in Costa Rica are in better shape to be riding out the economic downturn than in other parts of the world, a group of financiers and business leaders said this week.

Hotel and resort projects, provided they already have financing in place, are likely to prevail, they said.

"First, tourism is still growing here, so there is a need for hotels, and the hotel business is actually doing pretty well and continues to grow in double digits, " said Mauricio Kellerman, of the Kapital Group.

"I think it is important to have projects that are well-funded from the beginning, that are not solely relying on selling residences in order to succeed," Mr Kellerman said.

In fact, according to Alberto López, the Executive Director of the National Chamber of Tourism (CANATUR), Costa Rica will need 50,000 rooms by the year 2012...

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