Colombia, Act Inspires Hotel Companies to Invest

Posted on May 24, 2011 • Filed under: Business, Colombia, Economy

•Act 2755 from 2003 will allow hotel companies 30 years without income tax as they will build new hotels and rooms in Colombia until 2017 per elpais.com.co.
•Between 2011 and 2012, the number of rooms is to be increased by 7,110.
•Hotel chains such as Marriott are investing.
•In 2010 alone, $1.7 billion USD was invested in hotel construction.
•Colombia has been experiencing an increase of tourists to the point that there was 60% occupancy by the end of 2010 of hotels according to Cotelco.
•Bogotá, Medellín and Cartagena are the main tourist spots. Read Article

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