Costa Rica Real Estate Blog

Chinchilla Says Costa Rica Deficit Plan Faces Failure

2012-03-02T05:50:00.000-08:00

Costa Rican President Laura Chinchilla said her administration may not succeed in overhauling the country’s tax system to pare a deficit that has grown to more than 5 percent of gross domestic product. If the latest push on tax increases fails, “there would not be enough time in my administration to do it and we would leave it to the next government,” Chinchilla, 52, said in an interview yesterday in her office in San Jose. “What we want to avoid is that what’s now only a fiscal crisis contaminates the rest of our economy.” Costa Rica’s $40.3 billion economy, the second-biggest in Central America, is weighed down by a deficit equivalent to about $2 billion, approximately the amount the country earns from tourism. Central bank President Rodrigo Bolanos predicted in January that as a result, growth will slow to 3.8 percent this year from 4.2 percent in 2011. Legislation proposed by the government would replace the current national 13 percent sales tax with a 14 percent value- added tax. At stake also is the continued presence of companies such as Intel Corp. (INTC), based in Santa Clara, California, and Oracle Corp. (ORCL), based in Redwood City, California, that were attracted to Costa Rica by the free-zone system under which some foreign-owned companies pay no income taxes for the first 12 years of operation. Free Zones The tax bill would introduce a 15 percent income tax for companies entering free zones after 2015. Two previous attempts to raise taxes died in the legislature last year. If the current overhaul is approved, the government estimates it would raise at least $600 million in annual revenue. Chinchilla said there is no “Plan B” if the current tax bill fails to pass. “Because the decision has been so delayed, there are some effects that our economy is already starting to feel,” she said. “Interest rates, for example, have already increased two to three points since the end of last year.” There is a strong possibility that 18 months from now, Costa Rica’s legislature may still not have approved the tax increases, said Boris Segura, a strategist at Nomura Securities International, in a telephone interview from New York. He said “a kind of dictatorship of the minorities,” referring to procedural maneuvers by small groups of legislators who can block bills, is holding up the tax overhaul. Prospering Economy Foreign direct investment in Costa Rica rose 52 percent to a record $1.56 billion in the first nine months of 2011, and a record-high 2.2 million tourists visited the country last year. GDP per capita is $7,691, the highest among in Central America. High-tech companies such as Intel, the country’s highest revenue earner, Palo Alto, California-based Hewlett-Packard Co. (HPQ), and Armonk, New York-based International Business Machines Corp. have Costa Rican operations. High-tech companies brought in $9 out of every $10 in revenue from free zones during the last decade, according to Gabriela Llobet, director general of the Costa Rican Investment Board. Chinchilla said in the interview that she met with Intel management and reassured them that they would not lose their tax benefits because the new levies only apply to newcomers. Increased government spending and stalled tax legislation prompted Standard & Poor to cut Costa Rica’s local-currency credit rating on Feb. 13 by one notch to BB, two levels below investment grade and one level below Guatemala. The yield on Costa Rica 6.548 percent bonds due in 2014 fell 25 basis points, or 0.25 percentage point, to 2.908 percent this year, according to data compiled by Bloomberg. The yield on Guatemala 2013 bonds dropped 38 basis points to 3.117 percent in the same period. The colon weakened 0.3 percent to 513 per U.S. dollar today and has depreciated 0.2 percent this year as of 3:45 p.m. New York time. That compares with a 9.2 percent appreciation of Mexico’s peso in the same period. In Panama, the balboa is pegged to the dollar. Source: bloomberg.com

Tom Brady, Gisele Bündchen back in Costa Rica

2012-02-20T14:14:00.001-08:00

Two weeks after losing the Super Bowl, the Patriots quarterback and his Brazilian supermodel wife take a vacation to their home in Santa Teresa.

Tom Brady and his supermodel wife, Gisele Bündchen, are back in Costa Rica less than a month after the New England Patriots’ Super Bowl defeat.

The couple has a home in Santa Teresa, on the southern tip of the Nicoya Peninsula, where they were married in April 2009. Brady, Bündchen and their 2-year-old son, Benjamin, arrived last weekend. Patriots wide receiver Wes Welker and his fiancee Anna Burns accompanied the pair to Costa Rica, according to NESN.com.

The New York Giants defeated the Patriots and quarterback Brady 17-14 in Super Bowl XLVI on Feb. 5. After the game, Brazilian model Bündchen infamously was overheard criticizing Brady’s teammates including Welker, saying “My husband cannot f***ing throw the ball and catch the ball at the same time. I can’t believe they dropped the ball so many times.”
Source: http://www.ticotimes.net

PriceSmart, Inc. Announces Purchase Agreement for Additional Real Estate in Costa Rica

2012-02-20T10:17:00.000-08:00

AN DIEGO, CA, Feb 10, 2012 (MARKETWIRE via COMTEX) -- PriceSmart, Inc. PSMT
-2.34%
( www.pricesmart.com ) today announced that on January 9, 2012 it entered into an agreement to acquire approximately 16,038 square meters of property located in La Union, Cartago, Costa Rica, upon which PriceSmart anticipates constructing its sixth Membership Warehouse Club in Costa Rica. The transaction, which is subject to certain contingencies, is currently planned to close this calendar year. PriceSmart currently anticipates opening the Cartago Club in the summer 2013 in the market area where local Costa Rican press has reported that Sam's Club plans to operate its first warehouse in the Costa Rica market. PriceSmart entered the Costa Rica market thirteen years ago and is currently operating five PriceSmart Membership Warehouse Clubs, pending the opening of the planned sixth Club referenced above.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart now operates 29 warehouse clubs in 12 countries and one U.S. territory (five in Costa Rica; four each in Panama and Trinidad; three each in Guatemala and the Dominican Republic; two each in El Salvador and Honduras; and one each in Aruba, Barbados, Colombia, Jamaica, Nicaragua and the United States Virgin Islands).

This press release may contain forward-looking statements concerning the Company's anticipated future revenues and earnings, adequacy of future cash flow and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the following risks: the Company's financial performance is dependent on international operations which exposes the Company to various risks; any failure by the Company to manage its widely dispersed operations could adversely affect its business; the Company faces significant competition; future sales growth could be dependent upon the Company acquiring suitable sites for additional warehouse clubs; the Company may encounter difficulties in the shipment of, and risks inherent in the acquisition and importation of, merchandise to its warehouse clubs; the Company is exposed to weather and other natural disaster risks; declines in the economies of the countries in which the Company operates its warehouse clubs would harm its business; a few of the Company's stockholders own approximately 31.4% of the Company's voting stock, which may make it difficult to complete some corporate transactions without their support and may impede a change in control; the loss of key personnel could harm the Company's business; the Company is subject to volatility in foreign currency exchange; the Company faces the risk of exposure to product liability claims, a product recall and adverse publicity; a determination that the Company's long-lived or intangible assets have been impaired could adversely affect the Company's future results of operations and financial position; although the Company takes steps to continuously review, enhance, and implement improvements to its internal controls, there may be material weaknesses or significant deficiencies that the Company has not yet identified; as well as the other risks detailed in the Company's U.S. Securities and Exchange Commission ("SEC") reports, including the Company's Annual Report on Form 10-K filed for the year ended August 31, 2011 filed pursuant to the Securities Exchange Act of 1934 on November 9, 2011. We assume no obligation and expressly disclaim any duty to update any forward-looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
Source: http://www.marketwatch.com

Movie star Will Smith to shoot film in Costa Rica next week

2012-02-13T11:00:00.000-08:00

Superstar Will Smith is in Costa Rica to film His latest movie. “After Earth” will begin filming Feb. 6, according to Twitter updates by the film’s director, M. Night Shyamalan, and screenwriter Gary Whitta.
Whitta announced on his twitter account Monday: “This week the AFTER EARTH cast & crew moves to Costa Rica to begin filming!”
Smith arrived in the country at 9 a.m. Wednesday, the immigration director at Juan Santamaría International Airport confirmed to the daily La Nación.
Shyamalan, the director best known for 1999’s “The Sixth Sense,” said on his account that some of the crew is already here, and “a year and a half of writing and prep is coming to an end.” He stated the Costa Rica shoot begins next Tuesday.
The futuristic film stars Will Smith and son Jaden as a father and son who crash-land on the planet Earth 1,000 years after it has been abandoned by humanity, according to The Hollywood Reporter.
Last July, Smith and Shyamalan were spotted scouting film locations near Arenal Volcano in north-central Costa Rica.
Smith, 43, has not been in a movie since 2008, when he starred in “Hancock” and “Seven Pounds.” “Men In Black III,” the third installment of the hit sci-fi comedy, comes out this summer.
Jaden Smith,13, starred in 2010’s remake of “The Karate Kid.” He made his acting debut alongside his father in 2006’s “The Pursuit of Happyness.”
Shyamalan last directed the critically lambasted “The Last Airbender.”
“After Earth” has a 2013 release date.
Source: http://www.ticotimes.net/

At last, the new Liberia airport terminal opens for business

2012-02-02T01:17:00.000-08:00

The new terminal at the Daniel Oduber International Airport in Liberia, capital of the northwest province of Guanacaste, opened its doors to the public Thursday after months of delays. Tourists finally can enjoy the $41 million project by concessionaire Coriport.
According to La Nación, the first passengers to enter the terminal left on a 6:50 a.m. flight to Miami, Florida.
“The terminal is fully operational and the passengers are impressed by the quality of the installations,” said Adriana Echandi, Britt Shop Director for Costa Rica and the Caribbean. Our stores are open and we believe that we now have the conditions for a good customer service and to increase our sales volume.”
President Laura Chinchilla will visit the new terminal during its first day of operations.

Source: http://www.ticotimes.net/

UAE signs Open Skies Air Services with Costa Rica

2011-09-25T13:04:00.001-07:00

The United Arab Emirates represented by the General Civil Aviation Authority (GCAA) has signed an “open skies” air services Memorandum of Understanding (MoU) and initialed an Air Services Agreement (ASA) with the Costa Rica represented by Civil Aviation Authority of Costa Rica in San Jose on 22nd September, 2011.
The agreement was initialed by H.E. Saif Mohammed Al Suwaidi, Director General of the UAE General Civil Aviation Authority (GCAA) and Mr. Jorge Vargas, Director of Consejo Tecnico de Aviacion Civil (CETAC) of Costa Rica.
The two delegations agreed that any number of designated airlines of both parties will have the right to perform scheduled air services. The UAE delegation designated Emirates Airline, Etihad Airways, Air Arabia, RAK Airways and FlyDubai as UAE national airlines under the Agreement.
The MoU allows full flexibility on the routes, capacity, number of frequencies and types of aircraft, in any type of service (passenger or cargo). The signed memorandum also includes the exercise of fifth freedom traffic rights. In addition, both Parties agreed to allow unrestricted non-scheduled operations between the two countries.

Source: albawaba.com

Forbes The World's Most Beautiful National Parks

2011-09-01T05:30:00.000-07:00

Parque Nacional Manuel Antonio, Costa Rica

A century younger than Yosemite, the world’s first national park, Manuel Antonio is one of Costa Rica’s smallest national parks. Despite its size, it is also one of the country’s most popular national parks, thanks to its dazzling variety of sights: tropical rainforest, beaches and rocky headlands. Wildlife--including sloths, iguanas and squirrel monkeys--is abundant in the rainforest. Sports enthusiasts can indulge in everything from snorkeling and sea kayaking to horseback riding.

Source: Forbes

APM Terminals to Build Largest Infrastructure Project in Costa rica History

2011-08-31T05:35:00.000-07:00

Ushering in a new era in Caribbean ports, APM Terminals has signed a USD $992 million 33-year concession contract with the Costa Rican Government to design, finance, construct, operate and maintain the new Moin Container Terminal (TCM) on the Caribbean coast. 80% of the country’s commerce is handled in the current port complex of Puerto Limon/Moin.
Henrik L. Pedersen, Vice-President, Business Development for the Americas for APM Terminals commented, “Since the beginning, our goal has been to work with Costa Rican leaders to develop a world-class container terminal that modernizes their port system to help Costa Rica achieve its economic ambitions. Not only will it increase the country’s international trade competitiveness, the terminal will reduce logistics costs through higher operating efficiency and enhance Costa Rica’s container cargo security reputation. Our investment in Costa Rica reflects our Latin America strategy to partner with government and business leaders and apply our financial and operational strength to upgrade Latin America ports. The new port in Moin will attract additional international investment, create new jobs and business growth benefiting the country and region.”
Minister of Public Works and Transportation, Francisco Jimenez, declared, “Today is a very important day for all Costa Ricans as we have passed a major milestone for a key project in the Government’s National Development Plan. The new Moin Container Terminal is one of several national transportation infrastructure modernization projects which are expected to produce major efficiency gains for the country’s international commerce. Costa Rica intends to increase our participation in the global market and we need the most modern tools to win”.
In the first phase of the project the terminal will feature 600 meters of dedicated container berth with 6 post panamax ship-to-shore cranes and 40 hectares of yard. Water depth in the channel and alongside will be 16 meters (52 feet) and the terminal will be protected by a 1.5 km new breakwater to enable year round operations.
In the final phase of construction, the terminal will have 1500 meters of quay wall, 80 hectares of yard and the water depth will be increased to 18 meters (59 feet).
The features and auxiliary facilities of the terminal, including the gate complex, will set new standards for customers, improve their logistics chain and reduce costs. The container handling equipment will be eco-friendly, featuring the latest developments in energy efficiency to reduce emissions.
Paul Gallie, Managing Director, APM Terminals Moin, S.A added ”APM Terminals is extremely pleased with the Costa Rican Government’s dedication in advancing this vital project. The administration truly demonstrated this is a top priority for the country and we intend to follow through by inaugurating operations on schedule in 2015. It will be a secure modern facility in accordance with the international security standards of the ISPSC, BASC and the UNODC. Environmental sustainability will be achieved by the use of eco-friendly machinery and systems. The terminal will require up to 1,000 staff when opened, creating important new jobs and economic development in the entire Costa Rica/ Caribbean region.”

Source: dredgingtoday.com

Financial Times: Costa Rica is Best Country for Investment

2011-08-31T05:29:00.000-07:00

The pink paper delivered great news last week — Financial Times‘ FDI Intelligence unit named Costa Rica the “Best Country of the Future for Foreign Direct Investment in Central America & the Caribbean, 2011 – 2012.” Costa Rica climbed from second position to be ranked as the most attractive country in the Caribbean and Central America for investment. We dominated the rankings, topping the Best Human Resources category, as well as ranking in the top two for Best Economic Potential, Best for Business Friendliness and Best FDI Strategy.
The purchase of the Las Catalinas property was heavily fueled by emotion — homeowners love this place, its beauty, its richness in nature, the adventure and relaxation it provides. But it’s also nice to hear that an authority like FT agrees that it’s a wise (the wisest, even) investment.

Costa Rica site of first Bulgari Hotel in Latin America

2011-08-19T04:15:00.001-07:00

Luxury hotel chain Bulgari Hotels and Resorts recently selected Costa Rica as the site of its first hotel in Latin America, the daily La Nación reported. The brand Bulgari is famous internationally for its high-end Italian jewelry stores. Bulgari Hotels is operated by Marriott’s luxury division, and room rates could reach $4,000 a night. According to the paper, the hotel will be built at the Papagayo EcoDevelopment in the northwestern Guanacaste province at a cost of $100 million.
Bulgari currently operates hotels in Milan, Bali and Tokyo, and plans to open its fourth hotel in London next year. No word yet on when work will begin on the Costa Rica hotel.

Source: ticotimes.net

U.S. megastar Will Smith spotted near Arenal Volcano

2011-07-30T13:59:00.001-07:00

he "Independence Day" star was reportedly scouting movie locations in the San Carlos area.

U.S. movie star Will Smith is visiting Costa Rica this week, according to various media, who spotted the actor known for films like “Men In Black” and “I Am Legend” around the La Fortuna in northern Costa Rica.
Smith is scouting locations near Volcano Arenal for a possible spot to shoot a film, reports said. His entourage includes approximately 20 people, including “The Sixth Sense” director M. Night Shamalyan.

Source: By Tico Times

Delta Expands Service to Latin America with new destination, expanded routes

2011-07-30T13:55:00.000-07:00

WXYZ) - Delta Airlines has big plans to start weekly international fights to Latin America.
Launching in January 2012, Delta will begin year-round weekly flights between Minneapolis-St. Paul and Liberia, Costa Rica. The service will operate every Saturday.
The expansion will add a new Latin American destination from Minneapolis and expand flights to Brazil, as the company continues into key Latin American markets.
Also, beginning on December 12, Delta will add weekly flights between Atlanta and Brasilia, Brazil. Detroit will also be adding two new weekly flights to Sao Paulo, turning that route into a daily service, effective December 19.
“With our new service to Costa Rica and an expanded flight to Brazil, Delta continues to open up new Latin American destination from our key hubs,” said Bob Cortelyou, Delta’s senior vice president – Network Planning. “Delta continues to grow in this important region, enhancing our leading global network to offer new travel choices for our customers.”

Source : wxyz.com

Is Guanacaste medical tourism's next hot spot?

2011-05-06T23:55:00.000-07:00

At Costa Rica's annual medical tourism congress, businesses emphasized a the soaring potential of the country's northwest province. A $125 million CIMA hospital set to open before the end of this year looks to be the cornerstone of Guanacaste's medical tourism future.

Medical tourism companies, doctors, hotel managers and tour operators piled into the Hotel Ramada Plaza Herradura for two days, touting Latin America’s medical tourism benefits from the industry’s most popular site, San José.
But on Wednesday, the last day of Costa Rica’s second-annual Medical Travel Summit, organizers opted for a change of scenery. Carloads of attendees headed to the northwestern province of Guanacaste on Tuesday night. There they received a four-hour tour of the Papagayo Peninsula, including Marina Papagayo, an elegant Four Seasons Resort and also a newly constructed CIMA hospital.
“This is an opportunity to involve different areas of Costa Rica in medical tourism,” said Massimo Manzi, executive director of PROMED, a company that promotes medical procedures in Costa Rica. “Until now, the [Central Valley] is just having the benefits of medical tourism because this is where the hospitals are.”
The excursion was an opportunity to promote a growing Guanacaste, which has new medical facilities, an expanding airport and a sprawling 900-hectare retirement community under development, called Sun Ranch. Even as the tour took place, a new luxury hotel, Sol Meliá Paradisus Resort, announced plans to open in Guanacaste in 2013.
The trip helped flaunt Guanacaste’s glossy future to medical tourism leaders. It also showed potential tourists what Guanacaste is not – San José.
Costa Rica’s grubby capital remains the leader for medical tourism in Central America, with its state-of-the-art hospitals and U.S.-trained doctors. But Guanacaste hopes for a share of that market. And for an obvious reason, industry insiders think it’s possible.
“Let’s face it,” said Jerad Portner, marketing director for Sun Ranch. “If you have the choice to go to San José or the choice to do the same exact work by the same top professionals and you’re a 15-minute drive the from the beach, I think it’s a pretty easy decision to make.”
Guanacaste’s medical tourism push highlighted the three-day Medical Travel Summit. The congress hosted more than 40 international speakers, 150 companies and nine countries from North and South America and Thailand.
Dental clinics outnumbered the rest of the booths at the conference. Medical suppliers, plastic surgeons and bariatric doctors also promoted why those looking for cheap, quality medical service should head to Latin America.
In 2009, 30,000 medical tourists visited Costa Rica. Almost all of them received their treatment in San José, and patients recovered through vacation packages that took them around the country. The medical tourism industry brings in $60 million annually to Costa Rica, and the projected figure for 2011 is a hefty $100 million, according to PROMED.
If Guanacaste can become the next medical tourism hotspot, the number will continue to rise. The key to the region’s growth will be a cutting-edge $125 million CIMA hospital opening in the fourth quarter of 2011 (TT, Jan. 29, 2010).
CIMA hospitals are international medical facilities built in underserved parts of the world. Both locals and foreigners are treated at these hospitals. Approximately, 5,000 medical tourists were treated at the San José branch in 2009, Manzi said.
Joseph Barcie, president of CIMA Centralized Services, headquartered in Dallas, Texas, in the U.S., emphasized that a contemporary hospital can help develop a city. He pointed to the current CIMA building in San José, for example.
“When CIMA San José was built, around that entire hospital was nothing but fields and grass,” Barcie said. “Now, 12 years later, Escazú is a hub and they’re still building.”
He imagines the same type of growth in Guanacaste in the next decade. Nearby, in the province’s capital city of Liberia, the Daniel Oduber Airport is adding a new terminal. The airport continues to add direct flights to the United States, making it easier to fly in and arrive at a hospital that’s less than an hour from the beach. Other hospitals also have tentative plans to build in Guanacaste.
One hospital already settled in Liberia is adding a new wing that will serve medical tourists. Ronald Guerrero, administrative manager of Hospital San Rafael Arcángel, said the hospital takes in 90 percent Costa Rican patients. However, the hospital is equipping itself for the influx of tourist that could be coming to the region.
Guerrero has lived in the area for 15 years, and he deemed Guanacaste ready to make a big leap in the tourism market.
“[I lived in Guanacaste] when it was a small place,” Guerrero said. “Well, now it’s a little bit more people, more crowded, more noisy and everything but still a much better place to live and to recover from surgery than San José. A much better place.”
Other businesses are banking on that attitude. The massive Sun Ranch community will include a $35-$40 million Hospital Clínica Bíblica, a $12-$15 million resort and a professionally designed golf course on its property. Portner said Grupo Do It, Sun Ranch’s development company, has not yet begun heavily promoting the property, as they’re waiting for more positive signs from the real estate market. Yet the land has piqued the interest of doctors.
Portner stood in front of an elaborate model of the Sun Ranch property in the Hotel Ramada exhibition room, as he explained that San José doctors have called him to ask about buying office space there. The doctors intend to semi-retire there – practicing medicine part-time and fishing and golfing the rest of the week. If CIMA turns Guanacaste into a medical tourism hub, then dentists and other physicians could see the coastal province as a place to open offices.
Manzi said next year’s Medical Tourism Summit could highlight opportunities in La Fortuna, Manuel Antonio-Quepos and Jacó. But the consensus this year is the next great destination for medical tourism will be in Costa Rica’s northwest.
Said Manzi: “Guanacaste is absolutely ready to be a leader in medical tourism.”

Source: ticotimes.net

Paradisus Resorts Announce opening of New Luxury Eco Resort, Papagayo Bay

2011-05-05T15:00:00.000-07:00

The new property is part of the brand’s master expansion plan, which includes the opening of two resorts in Playa del Carmen, Mexico in November 2011, and aims to solidify Paradisus Resorts as a leader in the luxury all-inclusive market segment. Furthermore this new portfolio addition allows Sol Melia to capitalize on the tremendous recognition the brand has in the region, due largely to the 15 years of experience in the destination, while building significant equity on Paradisus’ behalf.

“The introduction of Paradisus Papagayo Bay to the Costa Rican market is the ideal opportunity to continue elevating Sol Melia’s portfolio, while embodying the vision of our brand as a hospitality leader in the luxury all-inclusive sector,” said Alvaro Tejeda Schroeder, SVP of the Premium Portfolio and Operations for Sol Group’s Hotels & Resorts in The Americas. “We had tremendous success as pioneers with Paradisus Playa Conchal and the superior product Paradisus Papagayo Bay brings to the region will continue the brand’s successful development of Guanacaste as a luxury destination.”
Located on the Northern Province of Guanacaste, Paradisus Papagayo Bay is being developed on 21 hectares of dramatic landscape, complying with all five star resort specifications. The 381-room eco-luxury resort’s design cascades to the beach below on one of the world’s most stunning bays. Featuring breathtaking views from virtually any location on the property, its five restaurants and five bars will provide guests with multiple settings in which to enjoy food and beverage while admiring the region’s natural beauty. The resort will boast many of Paradisus’ brand assets including a YHI Spa and Health Club, the renowned adults-only “Royal Service” level of accommodations and the “Family Concierge” program. In addition to amenities that cater to the leisure guest, Paradisus Papagayo Bay will also feature 19,000 square feet of meeting facilities with the business traveler in mind.
“SunVesta and DIA are thrilled to be partnering with Paradisus Resorts on this project, where we will combine high-end luxury with a sustainable eco-friendly development concept, resulting in a world-class eco-luxury resort with the highest service standards,” commented Josef Mettler, President and CEO of the SunVesta Group. “We believe in investing in prime locations and working with the best companies to achieve the best ecological and financial results, and this project couldn’t be a better example of our credo.”
“We are proud to be a part of SunVesta and Paradisus Resorts’ extraordinary project at Papagayo Bay,” commented Jose Manuel Aguero, President of DIA. “As SunVesta’s Costa Rican partner our excellent local network will contribute to this development’s great success.”

SunVesta has enlisted the services of WingField Corporation Inc. as master developer of Paradisus Papagayo Bay. “This is a truly exceptional project,” WingField President Henk Habers said, “It is destined to be one of Central America’s premier resorts.”
WingField was instrumental in the negotiations leading to the transaction realization in its capacity of advisor to SunVesta. “We are looking forward to the commencement of this project and to future cooperation with SunVesta and Sol Melia,” said Dean Johnson, Chairman and CEO of WingField.
Paradisus Resorts, known for exuding sophistication and luxury prides itself on the no-hassle, premium service upscale vacation experience. In addition to Paradisus’ existing five properties in the Americas, expansion plans include the opening of two resorts in Playa del Carmen, Mexico and the development of a property in Salvador de Bahia, Brazil in the next three years. Paradisus is projected to double its portfolio of properties by 2013.

source: breakingtravelnews.com

Panama Canal expansion boosts regional economy: president

2011-03-24T01:49:00.001-07:00

Costa Rican President Laura Chinchilla said on Wednesday that the Panama Canal's expansion work currently underway combined with new infrastructure projects in Costa Rica will have a positive impact on the region's economy.
"The expansion of the Panama Canal, together with the construction of the container station in Costa Rica's Atlantic region" represent a lot of opportunities, Chinchilla said when speaking at the inauguration of the Expocomer International Fair 2011 in Panama City.
She proposed to her Panamanian counterpart Ricardo Martinelli that they work together to improve the competitiveness of both countries' economy.
"Costa Rica and Panama are interested in international trade as the growth engine for our economies, seeking a preferential access for our products," said Chinchilla.
She added her government is developing new infrastructure projects, such as ports, airport and a road network across the Central American country in order for Costa Rica to turn into "an excellent logistic platform of world class."
Meanwhile, Martinelli said it is necessary to speed up border transit of people by eliminating customs controls.
"Let's make it possible for the Costa Rican and Panamanian citizens to enter the other country only with an ID and without the need of having a passport," he said.
Delegations from 20 countries are participating in the March 23-26 trade fair that boost participations from a large number of business and industries including manufacture, electronic, medical, textile, high technology, beverages and agriculture products.

Source: Xinhua

Airport Project Continues with President’s Support

2011-02-05T21:26:00.000-08:00

Costa Rican President Laura Chinchilla’s recent remarks have breathed new life into an ongoing aviation project in Costa Rica’s southern zone.

Although the development of the southern zone airport has involved more studies and surveys than actual construction work to date, Ms. Chinchilla’s recent declaration that it should be designated as “in the public interest” has provided important assistance that will keep the project on track.

The president’s remarks, which also hailed the airport project’s ability to fight poverty and create jobs, mean that the effort should be given a high priority that will help it clear some previously daunting governmental hurdles. Plans call for the basic structure of the proposed international airport to be built starting in 2012.

To date, environmental studies and plans undertaken for the $35 million project have completed much of the required groundwork. For example, archaeological surveys have verified that the land selected for the airport is free of important sites and artifacts, including pre-Columbian stone spheres. However, more surveys are still ongoing, and more reports are expected before construction work is allowed to begin in earnest.

The Costa Rican tourism industry is pressing to move forward with the airport project, and real estate developers have expressed their support as well. The development of an international airport in the region would be a boon to those sectors of the economy. Current plans include a runway that could be up to 8,500 feet long, to be built on Fincas 9 and 10 in Sierpe de Osa’s Valle de Diquis. Finco 9 is already owned by a public agency, the Instituto Nacional de Fomento Cooperativo. Although the project has claimed enough land for key amenities including the passenger terminal and room for parking, the international airport is also going to require a control tower and a customs and immigration area. Two adjacent fincas may be purchased to support the airport’s future expansion.

In its first phase, the airport will have a terminal, an airstrip for landing up to 50 passenger airplanes, airline counters, bathrooms and and eating area.
In its second phase, they hope to expand the airstrip to 2,900 meters in length so that it can accommodate the landing of a typical 737 airplane that can carry 110 to 215 passengers.
For this project, JUDESUR (The Regional Development Board of the Southern Zone) donated 600 million colones (about 1.1 million dollars) . This money will be spent on geological, archeological and hydraulic evaluations that are required prior to building an airport.
The Osa Airport will soon enter the process for awarding public works, so that a private company can build and operate this air terminal.

According to officials, Funding for the airport will be provided by an allocation given to the Ministerio de Obras Públicas y Transportes by the International Civil Aviation Organization, along with additional money provided by the Dirección General de Aviación Civil and the national budget.

Source A.M 0ct.2010

Movistar And Claro Ready For Business In Costa Rica

2011-01-19T22:05:00.000-08:00

America Movil (Claro), Latin America’s largest wireless carrier, plans to start mobile-phone operations in Costa Rica this year to compete with state telecom, the Instituto Costarricense de Electricidad. Spain's Telefonica (Movistar) also submitted for one of three licenses.

America Movil is controlled by billionaire Carlos Slim, access to its eighth market in the Central America- Caribbean region,...

source:http://www.silobreaker.com

Disney Cruise Comes to Costa Rica for the First Time

2011-01-19T21:59:00.001-08:00

On Friday Costa Rica greeted Mickey and Minnie Mouse aboard the Disney cruise ship the Disney Wonder. This was the first time a Disney cruise ship docked in Costa Rica.

The Costa Rican Tourism Bureau hopes this is the first of many stops for all the Disney cruise boats, there are two. The Disney Wonder carried 1,800 passengers that embarked in Florida and made several stops before coming to visit Costa Rica’s nature parks and reserves.

It is unknown if the Disney company will make the Costa Rican stop a permanent part of its cruise line itinerary. Tourism is one of the largest sources of revenue for this Central American country and is currently the most visited country in the region.

Source http://www.hispanicallyspeakingnews.com

Mel Gibson In Costa Rica As Prosecutors Decide His Fate

2011-01-19T21:45:00.000-08:00

Splash News OnlineMel Gibson isn’t hanging around Los Angeles waiting for the District Attorney to decide his fate. Mad Mel has taken off for Costa Rica and RadarOnline.com has obtained these new photos of the actor/director looking pretty cheerful.

NEW PHOTOS: Mel Looks Happy In Costa Rica

As RadarOnline.com reported exclusively, prosecutors met with Mel’s attorney Blair Berk on Tuesday and are close to filing domestic violence criminal charges against the Oscar-winning actor/director stemming from his physical encounter with Oksana Grigorieva on January 6, 2010.

District Attorney Steve Cooley released a statement Wednesday confirming the meeting and saying that a decision will be made public in a “timely manner.”

PHOTOS: Mel & Oksana Go Public For First Time

Gibson is obviously not letting the legal drama affect his travel schedule and it’s fitting that he’s back in Costa Rica because that’s where the first photos were taken that revealed Mel and Oksana’s romantic relationship.

RadarOnline.com published those photos exclusively on March 12, 2009 showing Mel in a romantic embrace with Oksana on the beach. Until that point no one knew Mel had a secret girlfriend. Mel’s wife Robyn filed for divorce one month later, and Mel, who also later filed for divorce, claimed his marriage had been over since 2006.

EXCLUSIVE PHOTOS: See The First Photos of Mel and Oksana In a Passionate Embrace On The Beach

Now Mel is back in Costa Rica, where he owns a home, while his legal team is doing everything possible to avoid criminal charges being filed against the star. Prosecutors have honed in on a charge of domestic violence/corporal injury involving a former cohabitant, multiple sources tell RadarOnline.com exclusively. It can be treated as a felony or misdemeanor.

And as the criminal charges loom, Mel’s family court battle with Oksana, the mother of their baby daughter Lucia, continues to rage.

Hyatt Announces Plans for Hyatt Place San Jose Pinares, the First Hyatt Hotel in Costa Rica

2011-01-19T21:42:00.000-08:00

Property becomes the second Hyatt Place under development in Latin America
CHICAGO, Jan 12, 2011 (BUSINESS WIRE) -- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has signed an agreement with Hotelera Pinares, S. A., a subsidiary of Strategic Hospitality Investments Corporation, to manage Hyatt Place San Jose Pinares, a Hyatt Place hotel in San Jose, Costa Rica.

The new property, the second Hyatt Place under development in Latin America, will be part of Momentum Pinares, a mixed use commercial complex being developed on the east side of Costa Rica's capital that will include an approximately 97,000 square foot office tower, a 48,000 square foot medical building, a movie theatre, and shopping mall with 75,000 square feet of retail space.

A Hyatt affiliate will manage the 120-room Hyatt Place, which is expected to open in mid-2012. It will be the first internationally branded hotel in the vibrant east side of San Jose.

"Hyatt is actively looking to grow its Hyatt Place brand throughout Latin America and we are excited to be working with Strategic Hospitality Investments Corporation on our first Hyatt Place project in Central America," says Pat McCudden, Hyatt Hotels & Resorts' Senior Vice President of Development for Latin America and the Caribbean.

Hyatt Place hotels are under development in the U.S., India, and Panama. Hyatt's current Latin America portfolio includes hotels in Argentina, Brazil, Chile, and Mexico.

Momentum Pinares is being developed through a joint venture with Desarrolladores 506, a company with over 30 years of experience in urban design and construction in Costa Rica.

Strategic Hospitality Investments Corporation is part of the hotel division managed by GrupoCuestamoras, which is engaged in the development of a hotel portfolio in Costa Rica and other countries in Latin America. Strategic Hospitality Investments Corporation has engaged Sinergo Development Group to develop its hotel portfolio. Sinergo Development Group has over 20 years of experience in the hotel development and asset management business.

GrupoCuestamoras is a corporate asset manager in multiple sectors and a professional investment and business management company, conducting business through alliances with diligently selected partners. The company develops and undertakes ventures in which its experience, knowledge and tradition add strategic value.

Source: http://investors.hyatt.com/

Network LatAm 2010: Latin America’s green destination

2010-11-02T08:23:00.000-07:00

As Costa Rica prepares to host Network Latin America 2010, taking place in San Jose on 5-7 December, the country is starting to see a surge in traffic driven by ecotourism and economic growth

Costa Rica's largest carriers and its main airports are planning further expansion as the country's popularity as an ecotourism destination continues to grow.

Traffic at San Jose's Juan Santamaria Airport was up 4.9% through the first three quarters of 2010 to 2.4 million passengers, according to Aeris, the consortium which operates the airport.

Looking to the future, Aeris chief operating officer Tom Bartlett expects 4.7% traffic growth in 2010, followed by an 11% increase in 2011 and a further 8% in 2012.

To accommodate this projected traffic growth, Aeris' newly updated master plan for Santamaria envisions further expansion of the international terminal and constructing a new domestic terminal over the next five years. The international terminal, which in July opened an expanded lobby, immigration hall and check-in area, is now slated receive five additional gates.

This surge in traffic is being driven primarily by growth in tourism. "Last year Costa Rica didn't have the expected growth because of the 2009 crisis. Tourism decreased more or less 7% compared with 2008," says TACA regional sales director for Mexico, Central America and the Caribbean Ricardo Granillo. But he adds: "2010 is almost reaching 2008 levels, when tourism was at its highest level."

El Salvador-based Grupo TACA is Costa Rica's largest carrier, operating 153 weekly flights from San Jose.

Granillo says TACA has been working with Costa Rica's tourism institute "to maximise resources and promote Costa Rica as a preferred tourism spot". He adds that TACA plans to increase frequencies and open new destinations "to facilitate getting there". In July TACA added its 17th destination from San Jose, the Colombian city of Medellin.

Costa Rica has successfully positioned itself as one of the world's foremost ecotourism destinations by promoting its biodiversity and wildlife. It has a breathtaking mix of volcanoes, rainforests and beaches - on both the Pacific and Caribbean coasts - and all this is packed into a country which is only slightly larger than Switzerland.

"I'm mesmerised. Now I understand why everyone wants to go to Costa Rica. The beauty is incredible. It's a wonderful, wonderful country," exclaims American Airlines country manager for Costa Rica Eduardo Del Pozo, who moved over to San Jose earlier this year after working for American in four other Latin American countries.

Del Pozo adds that eco-friendliness "is ingrained in the culture" and that Costa Rica is cleaner and greener than anywhere else in Latin America.

GROWTH MARKET

American is San Jose's second largest airline by passengers carried and the largest carrier on US routes. The airline, which recently celebrated its 20th year anniversary in Costa Rica, currently operates four daily flights to San Jose from Miami and one daily flight from its Dallas hub.

In April American also launched four weekly flights to San Jose from New York JFK. "That flight has been tremendously successful for us," Del Pozo says. "We're very pleased with the performance." He adds: "Absolutely my plan is to go daily" with New York-San Jose.

Launching a San Jose-Los Angeles service is also in American's plans, says Del Pozo. The US carrier previously operated a seasonal San Jose-Los Angeles service, but dropped it in 2007.

Los Angeles, along with Orlando and Washington, are American's top three one-stop destinations out of San Jose.

Del Pozo says American has a healthy mix of ethnic, leisure and business traffic in Costa Rica. On its JFK and Dallas flights about 80% of passengers are ticketed in the USA, but for Miami about half of the passengers purchase their tickets locally.

According to Aeris figures, so far this year 24% of passengers flying in and out of San Jose were Costa Rican nationals.

TECHNOLOGY TREND

Del Pozo says for American's website Costa Rica is the fourth biggest Latin American market after the much larger countries of Mexico, Brazil and Argentina. He credits this to Internet penetration, which is significantly higher in Costa Rica compared with other Central American countries. But Del Pozo is equally quick to point out that Internet booking is not the preferred channel for everyone.

While American has been rapidly closing city ticket offices in most parts of the world, the carrier has just opened two new offices in San Jose, giving it three in the capital city. Del Pozo says the initial revenues generated by the second office are "mind boggling" and shows "there's still a segment in Latin American that prefers to do business one-on-one".

While Costa Rica has emerged as a major leisure destination, at the same time it has also become a major business hub for the region. American points out that 85 Fortune 500 companies now have offices in San Jose and primarily these offices also serve as company regional headquarters.

Granillo says the business market "has grown mainly because more multinational companies have moved their headquarters to Costa Rica. The government has given special conditions to attract international investment to the country. Securities are very high, from the institutional, legal and personal point of view and additionally Costa Rica offers a high quality of life."

While San Jose now boasts Central America's largest expatriate population, which helps fuel business traffic, the country's sun-drenched west coast has become a magnet for holiday homes. The beaches of Costa Rica's increasingly popular Guanacaste province are served from the city of Liberia, which in late 2002 completed an airport expansion project that gave Costa Rica its second international airport.

Del Pozo says Liberia is an even faster growing market than San Jose. American is Liberia's largest carrier, with service from both Dallas and Miami which increases significantly during the peak winter season.

"It's a high-end leisure market," Del Pozo says. "Snowbirds flock there in the winter. Many have second homes there - many of the rich and famous."

SECOND AIRPORT

Liberia's Daniel Oduber Quiros International Airport, which is operated by a separate consortium that includes some but not all of the shareholders which comprise Aeris, will be served by at least four US carriers this winter.

In response to an expected traffic boost, the airport is about to embark on its own terminal expansion project. The growth will likely include TACA, which does not currently serve Liberia.

"So far TACA only flies to San Jose, but in the short term we are analysing the possibility to fly directly to Guanacaste and facilitate arrival of tourists from North, Central and South America there," Granillo reveals.

While Liberia has become a leisure option, San Jose will clearly remain Costa Rica's main hub. Granillo says at San Jose about 70% of traffic on TACA's North American routes and about 60% of traffic on its South American routes currently transfer to other TACA international flights.

Source: http://www.flightglobal.com

Costa Rica recognised for biodiversity protection

2010-10-28T23:54:00.000-07:00

Costa Rica was today named as the winner of the 2010 Future Policy award at a global summit on biodiversity in Nagoya, Japan.
The Central American country aims to be the first developing nation to meet UN biodiversity commitments. The prize, issued by the World Future Council, was given in recognition of the country's 1998 biodiversity law, which was held up as a model for other nations to follow.
Costa Rica channels funds from a fuel tax, car stamp duty and energy fees to pay for nature reserve management and environmental services like clean air, fresh water and biodiversity protection.
Landowners are paid to preserve old-growth forests and to plant new trees. As a result, forest cover has risen from 24% in 1985 to close to 46% today.
It has also established a national commission on biodiversity, comprising scientists, civil servants and indigenous representatives, which proposes policies to the government and promotes green education among the public.
Partly as a result, Costa Rica ranks third in the global Environmental Performance index and first in the Happy Planet index.
"We are declaring peace with nature," said Mario Fernández Silva, the ambassador of Costa Rica, referring also to his country's abolition of its army in 1958. "We feel a strong sense of responsibility about looking after our wealth of biodiversity. Our attitude is not progressive, it is conservative. Our view is that until we know what we have, it is our duty to protect it."
The country has also received nearly $56m (£36m) in donation and debt write-offs – much of its from the US – to expands in forest and marine conservation programmes.
The government also says it has expanded eco-tourism and tightly regulated bioprospecting (the commercialisation of traditional medicine) and initiated measures to share the benefits.
According to the ambassador, his small country has more varieties of butterfly than Africa, and more bird species than all of North America, as well as many flora and fauna that have yet to be identified, but are threatened by multinational corporations which seek to access natural resources by manipulating free trade agreements.
"Our biodiversity law has got us in trouble because it has run up against the free-trade agreement we signed, which has encouraged many transnational pharmaceutical companies to try to get access to our natural resources. We have stuck to our policies."
The jury for the prize – made up of experts from across the planet – also commended Australia's efforts to protect the Great Barrier Reef and the biodiversity laws of Japan and Norway.
"This is stimulating best practice and encouraging others to follow," said Ahmed Djoghlaf, executive secretary of the UN Convention on Biodiversity. "Business as usual is not an option."
After celebrating their award, Costa Rican officials were considerably less ebullient about the prospects for a deal at this week's biodiversity conference in Nagoya.
"The sense of urgency is not here, just as it was not evident in climate talks. We remain optimistic, but we are already thinking of the next conference in India," said Fernandez Silva. "Costa Rica is so tiny. We need a planetary answer, but there are many things that won't get fixed here."
Elsewhere at the conference today, in an alternative prize-giving ceremony, civil society groups presented the Dodo Award for failure to evolve to Canada and the European Union for "their obstructive behaviour" in the talks so far.
"The EU and Canada lead the way to extinction, with China and Brazil close behind," noted the CBD Alliance.

Source: http://www.guardian.co.uk

Costa Rica's Most Successful Luxury Resort Development Launches Altavista Los Sueños Residences

2010-10-22T05:15:00.001-07:00

All Los Suenos residences feature phenomenal views of the resort, golf course and rainforest reserve. Altavista will complement our existing community and will offer owners the same great access to a world-class, award-winning resort and Costa Rica's first government-sanctioned, full-service international marina. October 21, 2010 Los Suenos Resort and Marina , an 1,100-acre master planned destination community, will begin construction on the Altavista Los Suenos condominium residences in December 2010. Located at Herradura Bay on the Central Pacific Coast of Costa Rica, Los Suenos is a perfect escape for those who seek understated luxury and a comfortable lifestyle in a tropical climate or are looking to invest in a vacation home in increasingly popular Central America. Los Suenos Resort & Marina currently features a private 600-acre rainforest reserve; the 201-room five-star Los Suenos Marriott Ocean & Golf Resort; a full-service, 200-slip international marina; an exclusive Beach Club for residents; and the 18-hole La Iguana championship golf course. With over 500 luxury single-family homes, lots, condominiums and villas already sold, Los Suenos begins construction on Altavista Los Suenos. Consisting of three-bedroom condominium residences ranging from 1,750 to 2,100 square feet and priced from $589,000 to $749,000, Altavista Los Suenos epitomizes the affordable comfort, convenience and luxury for which Los Suenos is known. Our goal with Altavista Los Suenos was to create a new collection of high-quality ocean view residences that responded to today's market demands, says developer William Royster. Altavista will complement our existing community and will offer owners the same great access to a world-class, award-winning resort and Costa Rica's first government-sanctioned, full-service international marina. Altavista Los Suenos joins the development's exclusive portfolio of luxury resort residences that range from one, two and three bedroom condominiums to single-family homes. All Los Suenos residences feature phenomenal views of the resort, golf course and rainforest reserve and some include remarkable views of Los Suenos' handsomely designed international marina and the awe-inspiring expanse of Costa Rica's Central Pacific Coast, famous for dramatic sunsets. Other Los Suenos communities include Riviera and Malibu at Altamira, Marbella Condominiums at Altamira, Montebello Residences at Altamira, Colina Condominiums, Del Mar Condominiums and Bay Residences at Del Mar. Los Suenos Resort and Marina is the most successful resort development in Central America with record-breaking home sales, a marina that is considered the best in Latin America for its world-class facilities and renowned bill fishery, and the highly acclaimed Los Suenos Marriott Ocean & Golf Resort. The next eight years will see the completion of the remaining phases of Los Suenos, including the final phase of Marina Village, several hundred additional luxury residences and the construction of an eco-lodge in the rainforest reserve. Spectacular natural beauty and peaceful atmosphere attract a growing number of travelers, investors and home buyers to Costa Rica every year. Nine active volcanoes, diverse forest environments, hot springs, wetlands, lakes, island reserves and 600 miles of beaches on two coasts provide endless possibilities for activities ranging from hiking and white water rafting through national parks to surfing, snorkeling and scuba diving off the Pacific and Caribbean shores. The world leader in ecological protected areas, with 27% of its land mass designated as national parks or reserves, Costa Rica affords the unparalleled opportunity to see and live among colorful and fascinating birds and animals in their natural habitat. # # # Share: FULL ARTICLE AT PRWeb

Westin Hotels Expands Footprint in Latin America with New Resort in Costa Rica

2010-10-22T04:56:00.000-07:00

WHITE PLAINS, N.Y., Oct 21, 2010 (BUSINESS WIRE) -- Accelerating growth in Latin America, Starwood Hotels & Resorts Worldwide, Inc. /quotes/comstock/13*!hot/quotes/nls/hot (HOT 55.26, +0.58, +1.06%) today announced its return to Costa Rica with the opening of The Westin Playa Conchal Resort & Spa in May 2011. Marking a milestone in Starwood's history, The Westin Playa Conchal Resort & Spa will also be the first all-inclusive resort in Starwood's global portfolio. Starwood and Desarrollos Hoteleros Guanagaste, a fully owned subsidiary of Reserva Conchal signed a management agreement to re-flag the Paradisus Playa Conchal Resort in Guanacaste as a Westin. The property will undergo extensive renovations to its 406 spacious suites and all public areas.

"We are delighted to once again establish a presence in Costa Rica with next year's opening of The Westin Playa Conchal Resort & Spa, one of four new Westin properties slated to open in Latin America by the end of 2011. The Westin brand is at a pivotal point in its life cycle with an unprecedented opportunity for global growth and well on its way to establishing itself as an international market leader," said Simon Turner, President of Global Development for Starwood.
The Westin Playa Conchal Resort & Spa is set on one of Costa Rica's most breathtaking beaches, Playa Conchal in Cabo Velas, just 45 minutes from Guanacaste International Airport. Centered around an expansive lagoon-style pool, the resort features beautiful gardens, luxurious suites, thatch-roofed bungalows and breathtaking ocean and forest vistas. Inspiring wellness with its signature Westin Spa, the resort will also offer a variety of outdoor recreation and nightly entertainment. The resort is located adjacent to the championship Robert Trent Jones II golf facility, and features several restaurants serving both local and international cuisine.
"Starwood is proud to expand the Westin Resorts portfolio with the addition of The Westin Playa Conchal Resort & Spa. Recent growth in the all-inclusive luxury resort market in Mexico and Central America, coupled with increasing demand from our SPG members seeking vacation packages have created fertile conditions for our entry in the all-inclusive market," said Osvaldo Librizzi, President of Starwood Hotels & Resorts Latin America. "Known for its spectacular beaches, volcanoes and tropical forests, Costa Rica is a popular tourist and leisure destination and a terrific choice for the expansion of the Westin brand, which expects to nearly double its portfolio in Latin America by 2014."
The Westin Playa Conchal Resort & Spa will be the first Starwood property in Costa Rica in 20 years and the newest member of the Westin brand's resorts portfolio, which offers 40 resorts in the world's most sought-after vacation destinations. Westin currently has five hotels in Mexico and one in Guatemala, and will be opening five more in Latin America in the next four years including The Westin Playa Conchal Resort & Spa, Costa Rica; The Westin Libertador, Lima, Peru; The Westin Guadalajara, Mexico; and two in Panama: The Westin Panama and The Westin Playa Bonita.
"We are especially proud to be associated with Starwood in the management of The Westin Playa Conchal Resort & Spa," said Helmuth Sauter, Director of Reserva Conchal. "The conversion of this scenic and restful retreat allows us to maintain our commitment of bringing outstanding all-inclusive service to our guests, while introducing the Westin brand's signature services and amenities to one of Costa Rica's most desirable destinations."
The soothing Westin Sensory Welcome will create an oasis of calm as guests enter the resort with its subtle White Tea by Westin fragrance, gentle music, botanicals and mood lighting. The brand's world-renowned Heavenly Bed(TM) is an oasis of lush sheets, down cushioning, and a patented pillow-top mattress. With ten layers of comfort, this custom bed is designed for a deep, undisturbed sleep that energizes body and brain. The Westin Heavenly Bath experience will transform guests shower or bath time into an intensely rejuvenating spa-like experience. In-room, high-speed Internet access and an ergonomic work space will offer travelers convenience and productivity in a tranquil setting.
An ideal venue for weddings, social galas and business functions, The Westin Playa Conchal Resort & Spa will feature 6,500 square feet of meeting and banquet facilities, as well as a WestinWORKOUT gym, enabling guests to maintain their exercise program and stay in the best possible shape, physically and mentally.
About Westin Hotels & Resorts
Westin Hotels & Resorts makes the healthiest choices irresistibly appealing, so guests leave feeling better than when they arrived. With over 170 hotels and resorts in over 36 countries and territories, Westin is owned by Starwood Hotels & Resorts Worldwide, Inc. Starwood Hotels is one of the leading hotel and leisure companies in the world with 1000 properties in nearly 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Meridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
About Desarrollo Hoteleros Guanacaste and Reserva Conchal
Desarrollos Hoteleros Guanacaste is a fully owned subsidiary of Reserva Conchal, an upscale mixed-use development located in Guanacaste, Costa Rica. Reserva Conchal is an environmentally-sensitive development. Reserva Conchal is a fully owned subsidiary of Florida Ice & Farm Co., a publicly traded company in the Costa Rican stock exchange.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

Extracted from : marketwatch.com

Costa Rica Real Estate – An Investors Paradise

2010-10-15T16:36:00.001-07:00

So, why consider buying real estate in Costa Rica? If you have ever visited Costa Rica, you would more than likely agree that the more appropriate question would be ‘why not?’
Costa Rica’s land area is 50 660 km2 and boasts 1 290 km of stunning, sandy coastline that are freely available to the public. The interior of the country holds its own beauty and variety in the form of coffee plantations, rain forests and steaming volcanoes.
Surrounded by the Caribbean Sea on the east and the Pacific Ocean on the west, the country is one of exceptional beauty. The ocean is warm, the sand varies in color from volcanic black, browns, red and whites and there are many species of insects, birds and animals inhabiting the country. All these reasons result in a huge source of eco tourism for Costa Rica.
There are 2 main seasons in Costa Rica, essentially being the wet and dry season. Dry season runs from December to April and rainy season from May to November. The climate and temperature levels are determined mostly by elevation with the sea level bringing tropical heat and humidity and cooler sub-tropical weather occurring in the mountains. The Central Valley which surrounds San Jose experiences spring-like weather all year round.
With all this natural beauty, it’s no wonder that people who visit Costa Rica often explore the option of moving there or purchasing a holiday home there. However, before investigating in Costa Rica real estate, potential investors should investigate all the benefits and main angles of this investment.
The Main Angles of Investment in Costa Rica Real EstateFirstly, Costa Rica’s natural beauty has catapulted it as an idyllic paradise holiday destination. As more and more tourists flood to the country, the demand for quality hotel and rental accommodation will continue to increase. The accommodation in Costa Rica is already unable to meet the demands of tourists, and with no sign of decrease in the popularity of this holiday getaway, it is imperative that more holiday and rental accommodations become available. The government is well aware of this fact and is eager to attract investors wishing to develop property specifically for the tourism market.
Secondly, Costa Rica is becoming increasingly popular with many US citizens who are soon to retire. Costa Rica is an affordable location and the fact that it is neutral, the crime level and cost of living are relatively low and the standard of living relatively high, makes it a very attractive option for these pre-retirees. This angle opens up an opportunity for potential investors to explore the development of real estate to suit this specific market, or look at leasing their investment property on a long term basis to this market. This particular market of pre-retirees also presents a better opportunity to buy a property now, improve it and resell it to this market in the medium term in order to make a profit.Benefits of Investing in Costa Rica Real EstatePurchasing a property in Costa Rica really is a great real estate investment for your future as it will provide you with a home in a sought after location, as well as an option to resell the property at a profit at a later date. As it is still a buyer’s market there, you could very well obtain the home of your dreams at a very reasonable price. Costa Rica property is also a very good asset to have, as if you decide to sell it in the future; you should get a very fair price for it. Any improvements or additions you make to your property will also more than likely increase its resale value, making your property worth much more than what you paid for it.
The Economic, Political and Social Stability of Costa RicaThe economic, political and social stability of Costa Rica has enabled it to reach great success in luring foreign investors. The Costa Rican people are known for their high ethics and morals as well as their tolerance and commitment to compromise and peace. They are recognized to be among the top educated and socially aware people in the world.
Costa Rica was the first country in the world to constitutionally abolish its army and since 1949 the government has been a stable democracy. The country has managed to successfully avoid widespread violence that characterizes most of Latin America.
The past twenty years have also not seen Costa Rica experience any economic crisis. Poverty has in fact been reduced from 40 percent of the population to below 20 percent of the population and their average economic growth rate is approximately 2.5 percent each year. Their increase in world trade has also led to an expansion of the economy and greatly reduced the economy's vulnerability to financial crisis. The country has a $1.9-billion-a-year tourism industry and ecotourism comprises a great portion of this. It is a priority of the Government and citizens to protect their environment. This will guarantee that their national parks and protected area will continue to be a great source of tourism and income for the country.
Many of the country’s policies focus on social stability and their economic and political policies have helped ensure that the basic needs of people are being met and the standard of living is continually improving. The Costa Rican people are well-educated and nearly all are literate, universal public education is guaranteed in the Constitution, primary education is compulsory and both preschool and high school are free. Their medical system is rated very highly and there is access to clean water and health services. Costa Rica’s life expectancy rate is also very high. All these social indicators are among the best in Latin America.
The Costa Rican government has managed to achieve political, economic and social stability over the last 50 years. The Government is also committed to promoting the property sector and encouraging international investors to come to Costa Rica and explore its various real estate opportunities. The government has even implemented a series of tax breaks and investment incentives available to overseas real estate buyers. Taking these factors into account, it’s no surprise that the Costa Rica real estate market is booming and that its success seems to be assured.　

Planning Investment in Costa Rica Real Estate Made Easier

2010-10-12T05:12:00.000-07:00

San Jose – 08.10.2010 – buying real estate properties in Costa Rica for making the purchase convenient. In the process it helps clients in preparing their investments plans in the country.

Most of the foreign clients have major concerns regarding buying real estate properties Costa Rica and also about obtaining residency there. In general there would three main issues involved in any of the typical investment packages. Following a few basic steps will help immensely in succeeding in the process.

Limited liability companies have to be incorporated by minimum of two persons before the Public Notary in Costa Rica. Once such incorporation is affected, the shares can be transferred and it would be legally right to have a company where only one person would be the owner of all the shares in the company. Incorporators will have to select a name and appoint a directorial board as well as one comptroller.

Corporate system in Costa Rica is hybrid in nature. Incorporation deed is required to be registered including all the changes affected in the by-law of the company. Therefore, while buying any item in real estate Costa Rica, buying in the name of the corporation would be a prudent move. Transfers are much easier when made in favor of the corporation.

Registration of real estate properties in Costa Rica is conducted through a computer system known as “Folio Real”. In entire San Jose, the process is in vogue. Also the registration becomes easier for landowners having ownership rights on land. If you are interested for beach lands in Costa Rica there is provision for lease for specific period. However, before consideration of buying any land in Costa Rica real estate a few simple steps need to be taken that would make the investment worthy of it.

Real estate purchase is perhaps the most important investment anyone would make. Buying lands when you come from a foreign country could become highly stressful due to multiple factors. There could be language barrier as well as lack of knowledge about the laws of the land.

Multiple types of properties are there that includes houses, time shares, condominiums, and many others. To purchase any real estate properties it is necessary that the buyer understands clearly the types of properties available and related rights; detailed process of purchase; and the systematic buying process including the fees payable. Another very important aspect is assessing and formulating clear strategies for investment protections.

Costaiceye.com helps one appreciate prospective buyers to select properties that would be best suitable for them by enabling them buy the best at the cheapest. Making the buyers conversant with various types of property ownerships as well as all the common forms of possession, they make the buying easy and convenient. One of the best things about real estate Costa Rica is that the conditions imposed for getting ownership are identical for resident nationals as well as foreigners.

That is not all. The company can also help intending buyers to get substantial concessions in maritime zones and avail the opportunities of buying excellent beach properties costa rica where such concessions are applicable.