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How much does it cost to build a hotel in Colombia?

How much does it cost to build a hotel in Colombia?

Building a hotel is perhaps the most expensive part of opening your own accommodation. If building a house or a flat is expensive, building a hotel complex, regardless of the number of beds, will undoubtedly be many times more so. One of the countries that is currently experiencing the greatest growth in tourism is Colombia. […]

Building a hotel is perhaps the most expensive part of opening your own accommodation. If building a house or a flat is expensive, building a hotel complex, regardless of the number of beds, will undoubtedly be many times more so.

One of the countries that is currently experiencing the greatest growth in tourism is Colombia. To take advantage of this boom, many entrepreneurs have set their sights on the coffee-growing country to build their hotels, but how much does it cost to build a hotel in Colombia? What is the budget I should allocate to the work?

 

Factors to take into account

To estimate the costs of building a hotel in Colombia, some factors must be taken into account:

Type of hotel

According to experts, building an express hotel for business travellers is not the same as building a resort complex on the beach. According to each type of hotel, the requirements for the construction, the number of rooms, facilities and even the size of the car park will depend on the type of hotel.

It is essential to determine the type of hotel, as this will influence the development of the architectural project. Likewise, the type of hotel will influence the use of materials and the final finishes of the project, which also influences the cost of building a hotel.

Size and number of rooms

Another factor that will determine how much it costs to build a hotel in Colombia will be the size of the hotel. Logically, a hotel with only 20 rooms will be much cheaper than building a hotel with 100, 200 or 500 rooms, for example.

The more rooms, the larger the building will be. Likewise, the more rooms, the larger your facilities will have to be. The restaurant, parking, lobby, etc., will have to go hand in hand with the building. They will have to go hand in hand with the capacity of your hotel, the same goes for the number of bathrooms, the electrical project, drainage, furniture, water cisterns, etc.

Amenities of your hotel

The more amenities a hotel has, the higher the cost will be, as you will have to invest in their construction and development. Having a swimming pool, for example, costs money, as you have to build it, maintain it and install the heating system.

Restaurants, bars, swimming pool, courts, gymnasiums, car parks, etc. All amenities have a direct cost in their construction and installation. Even something as simple as Wifi costs as it is necessary to set up the router network throughout the hotel.

Location

Location is another factor that is directly related to how much it costs to build a hotel in Colombia. It is not the same to build a hotel on a mountain, for example, in the coffee-growing region, as it is to build it on the beach or in the capital Bogotá.

Depending on the city, the state, its popularity and the number of travellers, the cost of building your hotel will depend on the city, the state, its popularity and the number of travellers. In addition, it is important to take into account the cost of permits and the average price of land, labour and construction materials.

construir un hotel en Colombia

Materials and labour

It is important to take into account materials and labour when estimating how much it costs to build a hotel in Colombia. Construction materials range from basic materials such as sand, gravel, steel and concrete to finishing materials such as flooring, mouldings, decoration, etc.

Regarding the cost of labour, it is important to know how much it costs to hire masons, builders, engineers and architects in Colombia. The easiest way to simplify this is to do it through a construction company or contractor.

Licenses

Finally, it is important to take into account permits and licenses to build a hotel in Colombia. As in any other country, you will have to obtain the government’s authorisation in order to be able to carry out the work and avoid being shut down for lack of permits.

Here you must consider that licenses must be obtained both locally and federally. Also, remember that obtaining them also implies costs as you will have to pay for the permits. In addition, you will also have to invest time and effort in complying with these bureaucratic processes.

 

Average construction costs in Colombia

To give you an idea of how much it costs to build a hotel in Colombia you should know that the average cost is around 15 to 60 million dollars for a small hotel. According to industry data, the cost of a room can start at $20,000 for budget hotels and go up to $150,000 for luxury hotels.

In terms of materials alone, it is estimated that the cost of basic raw materials for construction can account for 45% of the total cost of construction. Regarding labour, the minimum wage in Colombia is 43,000 Colombian pesos per day.

It is worth noting the fact that the total construction costs and the cost per room will depend on your project. There are hotels, which have even been able to be built below the aforementioned range. This is due to the fact that having a plot of land or real estate makes construction much cheaper.

By already having a property, it is not necessary to build the hotel from scratch, but only to adapt it by means of reforms, works and adaptations. According to market data, these adaptations to open a hotel can cost from 2 million to 30 million dollars, depending on the type of hotel and the property.

 

We help you to estimate your construction costs accurately

If you want to get the most out of your budget, it is essential to have the support of experts to estimate costs accurately. At IHCS, our expert consultants will help you determine how much it costs to build a hotel in Colombia based on your project.

Through our advice, you will be able to optimise your budget and reduce the price of construction by avoiding cost overruns. Thus, your project will turn out as you expected, without suffering for lack of budget or sacrificing the quality of your hotel.

Just contact us and we will help you to create the most accurate budget for the construction of your hotel.

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