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Latin America Investment News on Viva Tropical

Quito $66 Million Tourism Plan

Article Summary:

Ecuador is seeking at least $66 million of investments in a bid to turn Quito into one of Latin America’s main tourist destinations.

Photo Credit: Tripadvisor

Original Article Text From Wall Street Journal:

Quito Seeks $66 Million Investment for Colonial Center, Business Complex

The municipality of Quito is seeking at least $66 million of investment in a bid to turn Ecuador’s capital into one of Latin America’s main tourist destinations.

About 534,000 tourists visited Quito last year, a 28% increase compared with 2007.

Quito, a World Cultural Heritage site, has embarked on an ambitious plan to preserve its famed colonial center, which is considered the best maintained historic center in Latin America.

The municipality is also seeking partners to build a large convention center in the city’s north.

Patricio Gaybor, the director of public company Quito Turismo, said the $66 million investment would be for the first stage of a broader tourism project in Quito. The project includes the construction of energy efficient industrial parks and the revitalization of the city’s historic center through public-private partnerships.

The plan aims to develop new infrastructure projects for Quito, including the city’s first subway, a new airport inaugurated early this year and expansions of several hotels.

The colonial center revitalization plan includes several projects to convert historic houses into high-end hotels, art galleries and restaurants. The municipality has lined up projects for five houses that will require initial investments of about $16 million. Contracts for the projects, which could be between 10 and 48 years, are expected to be awarded next year.

Quito is also seeking bids for the construction and management of a $50 million convention center, as well as entertainment and exhibition centers in an area of 11.4 hectares. The area is located within the 132-hectare Bicentenario Park, which was previously the location of the Mariscal Sucre International Airport.

The convention center will have a capacity of 3,000 people, the entertainment arena 9,000 people and the exhibition center 3,000 people.

According to Mr. Gaybor, companies from Colombia, the U.S., Spain and a consortium of firms from Guayaquil have shown interest in the plan.

Link to Original Article:

From Wall Street Journal

Latin America Investment News on Viva Tropical