Colombian hotel investment to reach $2bn

29th November 2011 (Last Updated November 29th, 2011 18:30)

Investment in the Colombian hotel industry will reach $2bn by the end of 2011, according to Cotelco, Colombia's hotel association.

Investment in the Colombian hotel industry will reach $2bn by the end of 2011, according to Cotelco, Colombia’s hotel association.

Cotelco president Juan Leonardo Correa said the industry’s growth rate would be between 10% and 20%, reports lavanguardia.com.

Correa noted that the hotel investment for 2010 was $1.7bn.

"This year we estimate that we are going to reach $2bn," he said. "This is because we are counting on hotel projects to be initiated in January, February and March 2012."

The group attributed the industry growth to tax exemptions for hotel construction works and improved security conditions.