Ecuador Shows Robust and Continuous Growth as Capital City Quito Shows Increases in Luxury Occupancy
In a recent analysis released on hotel activity in Ecuador, The South American Hotel & Tourism Investment Conference (SAHIC) reports that Ecuador's economy is the 8th largest in Latin America, after Brazil, Mexico, Argentina, Colombia, Peru and Chile.
"In the last few years, Ecuador has concentrated its efforts on diversifying the energy matrix, paying the social debt, and increasing public investment in infrastructure," explains Garcia Rosa. "These infrastructure improvements include hydroelectric power plants, roads, airports, hospitals, and schools."
According to the World Economic Outlook, published by the IMF in April 2014, estimates that the country's economy grew by 4.2% in 2013, and will have expended by 4.1% in 2014, and by 3.5% from 2015 onward.
Quito, the country's capital and one of the first UNESCO World Heritage cities, as well as headquarters of the Union of South American Nations (USAN), where all the official meetings of South American countries are held - experienced an average of 7.1% annual growth rate from 2007-2013.
"Quito's market performance has shown positive signs in the last six years, so much so that occupancy levels in the luxury segment increased steadily from 2010-2012 while the average rate also enjoyed continuous growth from 2010 to 2013. Occupancy hit a record in 2012 at 74.8% and rates reached a historic peak in 2013 at $107.50."
He continues, "In recent years, numerous factors have heightened the popularity of Quito as a visitor destination - the opening of the new airport, the designation as a top tourism destination in South America by the World Travel Awards, becoming a finalist among 28 cities internationally in the Seven World Wonder Cities competition, and an 18% growth rate of non-resident tourists in 2013. Hotels in Quito reported positive occupancy and RevPAR and one of the most competitive rates in the region with renowned outstanding service and hospitality. The market for business travelers, conferences and events has increased consistently in recent years, placing Quito as a major conference destination in the continent."
The 2015 edition of SAHIC – South American Hotel & Tourism Investment Conference- will be held in Lima, Peru, September 28-29, 2015. This annual event brings together more than 450 industry decision makers from 30 countries, and has established itself as the venue to uncover new development and investment opportunities in the region and establish new business relationships.
For more information about SAHIC and to register, visit www.sahic.com.
TBA — Buenos Aires, Argentina
ABOUT SAHIC and SAHIC Cuba
SAHIC, the premier Latin America hotel and tourism investment conference organizer promotes business and related real-estate projects in the region. The inaugural SAHIC Cuba, which was held May 15-16, 2017 was the must-attend event, designed to promote the hotel, tourism and related real estate businesses in Cuba. The Conference was destined to be "the" place to meet and network with the leading industry players in the island nation: hotel chains and groups, investors, banks, mutual funds, developers, architects, and interior designers, regional government representatives and other decision makers of the industry. For more information, visit www.sahiccuba.com