Construction begins on $170 million Paradisus Papagayo
May 24th, 2013 (InsideCostaRica.com) The Swiss-funded development firm, SunVesta Holding AG, announced yesterday the start of construction of the Paradisus Papagayo Bay Resort & Luxury Villas in Papagayo, Guanacaste.
The new resort will be operated by Melia chain from Spain, under its Paradisus Resorts luxury brand.
Although the company did not disclose the cost of the project, the Costa Rican Coalition for Development Initiatives (Cinde) estimated the cost of the project at $170 million in May of 2011, when the project was announced.
The 21-hectare property will have 381 rooms.
“This is a project that is destined to become one of the best resorts in Central America,” said Josef Mettler, SunVesta CEO.
The hotel industry in the northern Pacific continues to grow, and experts expect some 4,000 new jobs to be created by 2016.
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