Last week

14.12.11 | Nicaragua

El incremento del número de turistas que ha visitado Nicaragua en el 2011, provocó un crecimiento de al menos un 20 por ciento en la...

20.10.11 | Nicaragua

Nicaragua has suffered serious bad press as a result of its troubled past and current President. Those unfortunate realities aside, this beautiful...

21.12.09

By using Facebook, you can now follow our daily activities and read interesting industry comments as well as enjoy our gallery of pictures and...

23.09.09 | Nicaragua

The final draft for the Rules and Regulations that will complete the new Coastal Law was finished today and presented to the Legislature for its...

22.07.09

Calvet & Associates weekly publication and more interesting information is now also available at WordPress !! We keep growing and expanding in our...

14.07.09 | Nicaragua

Projects in Central America and in Nicaragua will need to present returns above 25% to compete with less risk and equal or better yield...

13.07.09 | Nicaragua

It is right after lunch in Los Angeles, California on Tuesday, July 7th, and some of the key players in the hospitality industry have been summoned...

13.07.09 | Nicaragua

As Jeff Higley (Editor-in Chief of Hotel and Motel Management Magazine) said in his “Twitter” page on June 2, the IREFAC (Industry Real Estate...

13.07.09 | Nicaragua

One of the most prestigious tourism and hospitality research organizations in the U.S. is Smith Travel Research (STR). Through its division called...

13.07.09 | Nicaragua

It is refreshing to see good things happening even though we are all going through difficult times since the Sub-prime crisis. During the last two...

13.07.09 | Nicaragua

PRONicaragua is the official investment promotion agency in Nicaragua. The agency recently qualified as one of the best promotional agencies in the...

11.07.09

Our new Calvet Weekly News Edition is up! please go to www.calvetreport.com and read the updated world hotel outlook for 2009 to 22011

11.07.09

07.07.09

Today we attended the ALIS (American Lodging Investment Summit) Summer Update meeting held in Los Angeles, another successful conference organized...

06.07.09

We are presently visiting all the mayor hotels in Managua as well as a large number of small and medium hotels gathering information for our next...

30.06.09

Congratulations to our first clients in ITALY!! After two intense months, the complete Feasibility Study and the Concept Design for their...

22.06.09 | Nicaragua

On the morning of October 16, 2004, people in London were drinking their morning coffee and reading the newspaper, “The Guardian”, in which...

22.06.09 | Nicaragua

The most important element of the new Coastal Law is a very clear and explicit respect for private property which has been legally obtained. This...

22.06.09 | Nicaragua

The new Coastal Law specifically mandates that government institutions and municipal authorities should work together with developers, property...

22.06.09 | Honduras

For those truly interested in delving into the details of the new law, this article will discuss its most important elements: • The new setback is...

22.06.09 | Nicaragua

The approval of the Coastal Law immediately generated positive comments and reactions from the investment community. The Association of Investors...

26.05.09 | Nicaragua

In recent weeks, the Tourism Institute presented an initiative from President Daniel Ortega to the Legislature (the Nicaraguan version of the U.S....

25.05.09 | Nicaragua

The cost of borrowing in dollars between banks had its biggest two-day drop in more than four months amid confidence record low interest rates and...

25.05.09 | Nicaragua

Arriving a couple of days ago in Granada, “the colonial jewel of Nicaragua”, Joan Belden and Carol Kennicot of Denver, Colorado were excited to...

25.05.09 | Nicaragua

· The inflation rate was 0% during the first four months of 2009, and the International Reserves at the Central Bank remained level at $1,128...

25.05.09 | Costa Rica

The Central Bank of Costa Rica reported an increase in their International Reserves, reaching $4,085 million during the first 5 months of 2009,...

28.04.09 | Nicaragua

COPADES (Consultores para el Desarrollo Empresarial, S.A.), a think-tank directed by economist Nestor Avedaño whose group has more than 15 years’...

27.04.09 | Nicaragua

There is nothing more important in today’s business world than “information management”. Long gone are the days when it was valid to say that...

27.04.09 | Costa Rica

Costa Rica is fighting the current economic crisis by showing renewed confidence in their products in an effort to prepare for an economic...

27.04.09 | Nicaragua

January reported decreases in the industrial production, YTD -2.3%. Last year, the same month YTD presented an increase of 4.8%, as reported by the...

27.04.09 | Costa Rica

The Latin American Economic Commission (CEPAL) has forecasted a 0.5% economic growth for Costa Rica during 2009, compared to a 1.4% average for the...

27.04.09 | Nicaragua

Calvet & Associates® has changed its CalvetWeeklyNews® email distribution method after a glitch was discovered in the original software program....

21.04.09 | Nicaragua

Last weekend, with the sun at its highest point and the temperature at 104¢ªF, there was no mercy for Dr. Darwin Juarez, biologist and Calvet &...

21.04.09 | Nicaragua

It is true that Nicaragua is a country of contrasts, and its financial system is no exception. While in most countries the Central Banks are...

20.04.09 | Costa Rica

Texas A&M University is opening the new Soltis Research and Education Center at San Isidro de Peñas Blancas, about two hours from San Jose, close...

20.04.09 | Nicaragua

CABEI, the Central American Integration Bank, approved a $200 million dollar line of credit to the Nicaragua Central Bank. $100 million of these...

17.04.09 | Nicaragua

Calvet & Associates congratulates the projects Milagro del Mar (at Gran Pacifica) and Soma Resort (in Tola) for the recent approval of Law 306...

04.04.09

After 40 years of discussions, meetings, planning and more planning, the long-dreamed-about Coastal Road is still just that—a dream. The project,...

03.04.09

Eduardo Holmann, the hands-on former Mayor of San Juan del Sur, had lunch with us today (with the Association of Investors and Developers) and...

16.03.09 | Nicaragua

The Canadian Charter season from Montreal to Montelimar is finishing next Tuesday. I was there to congratulate our team for an excellent job done....

12.03.09 | Nicaragua

Standing on top of a high hill in Managua, Gerardo Caligari admired the newest addition to the hospitality industry in Managua, feeling proud but...

12.03.09 | Nicaragua

The Association of Investors and Developers has been growing in the number of its members and definitively in importance and influence in the...

08.03.09 | Nicaragua

“When the going gets tough, the tough get going.” How many times have we heard this line? It is more appropriate now than ever, as we never thought...

08.03.09

The Pacific Coast of Nicaragua has become a hot destination for real estate investors, developers, general tourists and surfers looking for the...

01.03.09 | Nicaragua

BHN, the Burba Hotel Network, and Jim Burba, its President and CEO, a very well known and respected figure of the Hospitality Industry is actively...

19.11.07

New Companies Interested in Energy Distribution in Nicaragua The minister of Energy and Mines has announced that five foreign companies are...

25.05.09 | Nicaragua

Granada – Fighting to Preserve Its Historical Legacy

Arriving a couple of days ago in Granada, “the colonial jewel of Nicaragua”, Joan Belden and Carol Kennicot of Denver, Colorado were excited to begin their sightseeing. Their decision to visit this rich architectural city was made after hearing much regarding “the patrimony of humanity”, as the city was referred to in July of 2003 at UNESCO. Belden and Kennicot’s enthusiasm is understandable, as Granada is the oldest city in the continental Americas, founded in 1524.

Thrilled with the prospect of traversing the nearly 500-year-old streets, marketplaces and alleyways of this amazing city, the two women requested that their local tour guide be ready for them at first light of day. Off they went, admiring the old “Casa de los Leones”, the San Francisco Convent that served during different eras as catholic seminar, university, church and even headquarters of William Walker’s invading army. For the entire day, they traversed on foot more than 475 years of tropical history, regaled with stories of pirates, invading armies, Spanish conquistadors and anecdotes about the everyday life of “granadinos”.

This trip to Nicaragua by Belden and Kennicot was not entirely for the purpose of leisurely travel, however. After their exploration of Granada, Joan had a meeting with Calvet & Associates, as she is planning a medium-size investment in Nicaragua with the help of C&A. What caught our attention was her comment regarding her overall impression of Granada: “a jewel that needs to be polished and improved”.

Most colonial and neo-classical architecture in Granada has survived the evolution of time, perhaps due to the difficult years during the 1980’s when political and economic power play shifted to Leon and Managua and away from Granada. Whatever the reason for its preservation, Granada now emerges in the winning role of being designated the best destination for lovers of unique culture and rich architectural heritage.
Not too long ago, Granada’s colonial homes badly in need of restoration were selling for $30,000 to $70,000 dollars. Dozens of savvy foreigners, mostly Americans, realized the potential of real estate investment in Granada, took the risk and made returns on their investment of over 110% in two to three years. Today, it is common to see beautifully restored colonial homes on the real estate market for over $700,000 dollars.

This high investment yield created a rush for real estate deals in Granada, prompting authorities to protect the historical heritage by publishing basic rules in 2000 for outside restoration, maximum height and interior modification. We cannot say that the rules have been completely successful or implemented at all times, as you can certainly see some modifications to original architecture when touring the city.

Because of this lack of strict adherence to the architectural rules, the Municipality of Granada has started to review their Patrimony Protection Code policy to create a more stringent code, while simultaneously considering the necessity of bringing in investments, new businesses and additional jobs to the city. “Faster processing of permits” was the opinion of one participant at a recent seminar conducted to discuss future real estate development and protection of the architectural integrity of the city.

The constant increase in property values in Granada, combined with restrictions for remodeling, at least in the Historic Center area, is imposing tight conditions on the hospitality industry. Hoteliers willing to invest and operate in the city center area will have to focus on boutique hotels with high ADRs (adjusted daily rates) in order to be able to produce average hospitality IRRs of 10% to 18%. For larger operations with more maneuverability in rates and construction characteristics, hotels will have to settle for remodeling or building in the areas surrounding the Historic Center. The good news is that there is no shortage of this available real estate around the colonial city of Granada, beginning at the slopes of Mombacho Volcano, down to the islands of Cocibolca Lake.

Granada is one of the preferred places for retirees (younger rather than older) looking for a peaceful place to live. Real estate investments will always be an attractive proposition, as Sara Murphy and Claudia Gonella of Coldwell Banker, experts in Granada, have mentioned on many occasions.

During 2009, it is wise to expect a new, stricter but wiser Regulation Plan for the city that will guarantee the best features and attractions of Granada will continue to exist for generations to come. The ultimate outcome of these stringent architectural controls is that property values will become even more secure and that Granada will continue to merit being called “the colonial jewel of Nicaragua”.

25.05.09

Granada, the place to live!