Fitch ratings agency predicted a jump in the supply of hotels in Colombia, according to a report by financial newspaper Portafolio.
The rating agency reportedly calculated 9,000 rooms are under construction in the hospitality industry, accounting for 15% of the total supply around the country.
Colombia’s tourism industry has bounced back as politics have toned down violence and a new wave of publicity campaigns have shifted the image of Colombia from a land of drugs and kidnappings to a place that is “magically real.”
And money is behind the publicity. Cartagena, Colombia’s Caribbean city noted as a destination for international and Colombian tourists, has received over $27 million in investment during 2013 alone, according to Colombia’s Ministry of Commerce, Tourism and Industry.
Medical Needs, Middle Class Pulse
On the demand side, back packers from abroad are not the only ones hitting up Colombia’s new tourism scene. Medellin, Colombia’s second city, has a reputation for medical tourism, and Fitch says that Cali is not a far step behind.
Colombia’s middle class is part of the formula too. As families get wealthier, tourism around Colombia has become more accessible. Beachy cities like Cartagena are now attracting people from around the country.
And the draw goes beyond Colombia’s borders. Javier Rosenberg, President of Operations of Radisson Hotels in the U.S., told Portafolio that the Latin American middle class as a whole is growing, and has stronger purchasing power, which in turn means helping the tourism sector grow.
Data from the Ministry of Commerce