Costa Rica is ready for the Storm

I am talking off course about Russia’s largest casino company, Storm International; a European giant that is ready to find a new place for its upcoming projects here in Costa Rica.

It is well known that for every loss suffered by somebody someone else gains something; that statement couldn’t be truer in this case. For when Russian President Vladimir Putin took the decision to put gambling and gamin on a par with those who had alcohol or nicotine addictions; and later officially announced to ban Bookies and Casinos from the Russian cities, the search for a more profitable environment began.

A very detailed search lead Storm’s development team to Costa Rica, where after a throughout study they decided that there was no better place to start anew. Storm International plans for Costa Rica have been relatively kept under wraps; however it is known that they are looking forward to open not only their own luxury resort hotel, but also a mega casino complex both schedule to start functioning this year.

You might be asking yourself, how are they going to finish the project so fast? Well they plan to acquire an existing Hotel (San Jose Hotel) and upgrade it to a 4 stars category, expand it to 60 rooms, create a double-casino, and include several restaurants and bars for the customers. They are looking forward to buy an adjacent building to expand the range of services, including the construction of a multilevel parking.

The casino will have 10 gaming tables and an average of 170 slots machines; however the possibility of increasing the extent of the development is still present, as the management could go above the $5 millions that they originally contemplated for the investment.

Mean while back in Russia, the 5 major Casino locations Storm currently owns will be transformed into city offices, commercial outlets and higher-end hotels as the company also looks into diversifying from its gambling roots and venturing into charter jets and yachts for business men.

Procter & Gamble investing on Costa Rica once again

P&G has had a presence in the Central America country since 1999, and its practically new Financial Services Headquarters had experienced over 75% growth on just 3 years of existence. Another interesting fact is that after the US, Procter & Gamble has more employees in Costa Rica than any of its 80 international locations.

The company has taken the decision as to create a new Business Strategy Center in Costa Rica; the plan is to use this Center to provide business consulting to all of the regional branches throughout Latin America with a focus on innovation.

Just a couple of days ago the general manager of P&G operation center Global Business Services, William Merrigan, made the official announcement during a meeting with Costa Rica President Oscar Arias, the Exterior Commerce Minister, and the general director of CINDE (Costa Rican Coalition of Development Initiatives).

Now lets take a look a the numbers

This new project will require 250 employees, and the company is currently looking to fill about 150 applications in the very near future, with qualified personnel that have a high level of English and leadership skills. (Both quite easy to find among the locals)

Procter & Gamble sees approximately $30 millions coming from the Costa Rican branch annually, that is one of the reasons as to why they plan to invest $2.000.000 on this new Business Strategy Center. And why they had budgeted $34 million for its 2008 operations in the country.

Let’s get ready guys, as more companies are becoming aware of the “El Dorado” that Costa Rica has to offer, international developers are always looking to make the first move in order to get the best “piece”.

The Solarium project in Guanacaste

Guanacaste is once again making news, this time the fuzz is about a huge project that is being built near the Liberia International airport; and let me tell you that if you are interested in corporate relocation opportunities make a note on this one and remember this name:

The Solarium Project, (In Guanacaste)

The Solarium project is being built on 104 hectares of land, and the developers are currently building a complex that will include features like a luxury Hotel, two banking centers, office buildings, and a state of the art hospital with heliport.

On addition to the features mentioned above, the complex will also have huge and well protected warehouses, a gasoline station, and 800 condominiums.

I told you guys this is a big project.

To make the best out of this $300 million dollar investment, the Solarium group is also taking the necessary steps in order to include a “Zona Franca”, (A free Trade Zone.) on the complex.

“Guanacaste is developing as an area for recreational tourism, however, we have not overlooked the need for services. With this project we want to offer health and business services”

Those were the words of Silvana Batalla, director of Solarium; she added that the project will be finished within 6 years, and the initiative will create 15.000 direct jobs in the area.

Taking that into consideration, Guanacastecos (Locals of the area), will have time to prepare themselves to face the coming job opportunities; and investors will have time to analyze the project development.

Among the challenges that developing a project of this size could bring, the lack of potable water comes to mind right away; however Silvana Batalla says that the project developers have looked into all this things, and that three wells will service the needs of the Solarium project.

Ricardo Samper, mayor of Liberia expressed that he is not concerned over the demand for services, counting on the fact that the Solarium developers have indeed everything in place to meet them.

The Solarium project will definitely create another boom on the commercial sector for the Guanacaste area, and the benefits involved for future investments on the project are expected to show its rewards quite soon; as many of the buildings such as the warehouses are for the most part fully operational.

Just remember what I told you and write down that name.

October 2008, an important date for Guanacaste

To build a 169 room hotel is certainly a big project; however when it’s a Hilton 169 room hotel we are talking about, most real estate enthusiasts will stop and try to get more information on the subject..

I know, I’m one of them

It has been confirmed that the well known franchise will start building their new project this year in October; and the new name for their Guanacaste hotel will be:

Hilton Garden Inn Liberia Airport

The name comes from the fact that the new hotel will be located at a close distance from the Guanacaste airport; yet far enough as not to be interrupted by the planes activity. (Or so I hope)

The amount invested on this new project is approximately of $19 millions, and the impact it will have on the Guanacaste area will be considerable; concerning not only new job openings for Costa Rican professionals; but also boosting up the government initiative to upgrade the local infrastructure.

As a final note I will mention the fact that the Hilton name will become really popular this year, as many other luxury hotels in the country like Fiesta Premiere and Fiesta Puntarenas hotel, are looking forward to change their names to Hilton and Doubletree.