Nicaragua Seeks Hotel Developers to Boost Tourism Industry

    WASHINGTON, DC, June 23, 2010 /24-7PressRelease/ -- Mario Salinas, Nicaragua's Tourism Minister, recently confirmed his intention to contact different Spanish hotel groups to promote the construction of new complexes in the Central American country.

Salinas highlighted the many incentives the Government of Nicaragua offers companies interested in investing, and said he had already contacted Gabriel Escarrer, CEO of Sol Melia, to discuss this possibility.

If interested, Sol Melia will join the other Spanish hotel chain, Barcelo Hotels and Resorts, which already operates two establishments in the country, and with whom the Nicaraguan Executive has set out a plan that seeks to revive operations of the airport near the resort Barcelo Montelimar.

Nicaragua currently has 7,800 hotel rooms which are insufficient compared to other neighboring countries, which offer around 38,000, representing a huge opportunity for companies interested in developing hotel projects in the country.

Representatives from PRONicaragua, the official investment promotion agency of Nicaragua, stressed the existence of tax exemptions of almost 100% during the first ten years for foreign companies that settle in the country, with the possibility of extending the exemption if during the ten-year period the company decides to reinvest 35% of the initial amount.

PRONicaragua also highlighted the agency's role as an intermediary to facilitate the paperwork for registration and establishment, besides providing all the information the investor requires.

2010 is rapidly becoming the recovery year for Nicaragua, as savvy investors are increasingly choosing Nicaragua as the ideal destination to start a business due to its dynamic economy, strategic location and natural beauty. More than US$1 billion are expected to flow into the country in foreign direct investment (FDI) in the next couple of years as a result of numerous FDI projects soon to be developed in different economic sectors.

PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or at http://pronicaragua.org.

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