A new hotel will be implemented in the centre of of Cusco, famed city in southeastern Peru located near the iconic Sacred Valley of the Andes mountain range, one of the oldest continuously inhabited cities in the Western Hemisphere and legendary former capital of the Inca Empire with an investment of $17 million, as reported by PROMPERÚ, the Commission for the Promotion of Peru for Exports and Tourism.
The hotel investment mission is part of Mincetur, the Ministry of Foreign Trade and Tourism strategy, through PROMPERÚ, to attract foreign direct investment to the tourism sector.
This move was made within the framework of the investment plan aimed at the hotel industry organized by PROMPERÚ and which got representatives of nine international companies in the hotel industry, including Argenway, to come to Peru to learn about and evaluate investment projects in Arequipa, Cusco and Lima in situ.
Argenway, an Argentine company based in Rosario, dedicated to the construction, development and management of hotels through interational franchises, after various operations at national level, decided to enter the Peruvian hotel market, and together with two national partners, will develop a 5 - star hotel providing 95 rooms under an international brand of global scale.
PROMPERÚ provided Argenway with information on the conditions to establish itself in the country, accompaniment in the exploration and recognition of projects, as well as contacts with local governments, chambers and associations relevant to its operations.
This plan was carried out with the support of PROLIMA, the Regional Government of Arequipa, the Regional Government of Cusco, Canatur, the National Chamber of Tourism and the Chamber of Commerce of Cusco.
CEO of Argenway, Lisandro Cristiá said that after two years exploring the Peruvian market, the company decided to develop a hotel in Cusco, a city whose appeal is recognised worldwide.
To be able to close Argenway's participation in this project PROMPERÚ's invitation helped a lot, because it allowed the group to obtain an overview of the real estate offer, location, values and potentialities.
Apart this operation in Cusco there are other potential investments in the Andean country. Currently two U.S. companies and one from Colombia participants in PROMPERÚ's hotel investments are evaluating their entry or expansion into the Peruvian market.
The estimated investment amount is approximately US$31 million, and potential projects are located in the capital of the country, Lima and Cusco.
Between 2023 and 2024, Peru has managed to register $2409 million of foreign direct investment in the tourism sector through 47 investment projects, according to information from the Financial Times's fDi Market platform. Most of the projects, about 83% belong to the accommodation category.
During the period 2020 – 2024, Peru, together with Brazil, has positioned itself as the first favourite destination for foreign direct investment in tourism in South America and third in Latin America and the Caribbean. Capital has been executed or committed for nine hotels and tourism projects during that period.
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