Costa Rica is not simply a tourism story—it is increasingly a hospitality development and capital-allocation story.
Costa Rica 2027–2030: A New Hospitality Investment Cycle?
Why Costa Rica Is Moving Onto the Radar of Hotel Developers, Family Offices and Institutional Investors
Costa Rica is entering the second half of the decade with a combination that increasingly attracts international hotel capital: strong foreign direct investment, a globally recognised tourism proposition, high-end leisure demand, growing air connectivity and an increasingly sophisticated hospitality market.
For hotel developers, private equity funds, family offices and institutional investors, the question is no longer simply “Why Costa Rica?”
The more relevant question for 2027–2030 is: Where in Costa Rica can new hotel development generate the strongest risk-adjusted returns—and which assets can achieve the ADR, occupancy, RevPAR and exit profile required by institutional capital?
The evidence suggests that the opportunity is becoming increasingly concentrated around high-end leisure, resort and experiential hospitality, particularly in markets such as Guanacaste.
1. Costa Rica Is Already Punching Above Its Economic Weight in FDI
Costa Rica ranked 8th globally in the 2026 Greenfield FDI Performance Index compiled by fDi Intelligence, with 18.1 greenfield investment projects per million inhabitants.
Even more significant for investors, Costa Rica was reported as the only Latin American and Caribbean country in the global Top 20 and the only OECD country in the Top 15.
The country attracted approximately 6.5 times more foreign investment projects than the size of its domestic economy would suggest. For hotel investors, this is important because hospitality investment does not exist in isolation.
Foreign investment brings:
- Higher-skilled employment
- International business activity
- Infrastructure investment
- Greater air connectivity
- Higher-income visitors and expatriates
- New corporate and leisure demand
- Increased demand for premium accommodation
This creates an ecosystem in which hospitality can benefit from investment flows beyond tourism alone.
2. Tourism Demand Is Expected to Continue Growing Into 2027
Costa Rica's official tourism planning data provides an important forward-looking indicator.
The Costa Rican Tourism Institute (ICT) recorded approximately 2.875 million international air arrivals in 2025.
The ICT's national tourism planning data estimates:
- 2026: approximately 2.910 million international air arrivals
- 2027: approximately 2.979 million international air arrivals
That represents estimated growth from approximately 2.91 million in 2026 to almost 2.98 million in 2027.
This is not a speculative hotel forecast. It is an official tourism-demand projection.
For developers considering projects delivering between 2027 and 2030, this matters because hotel development typically requires several years between land acquisition, planning, financing, construction, and opening.
In other words, today's development decisions are being made against tomorrow's tourism demand.
3. The Hotel Market Is Becoming Increasingly Premium
One of the most important findings from the latest STR/CoStar analysis is not simply the direction of Costa Rica's overall hotel market.
It is where the strongest performance is occurring.
According to STR/CoStar's Costa Rica hotel performance analysis, higher-end hotels and resort destinations have generally outperformed lower-end segments over the past five years.
The strongest growth since 2020 has been concentrated in:
- Guanacaste
- Upper Upscale hotels
- Luxury hotels
This is particularly relevant to institutional investors.
The opportunity may not be to build more generic room inventory.
It may be to develop high-quality, differentiated hospitality products capable of commanding premium ADR and attracting international leisure demand.
4. Occupancy: A Key Metric—but Not the Only One.
Occupancy remains one of the most important hotel underwriting metrics. CBRE's 2025 Global Hotel Outlook reported Costa Rica hotel occupancy at approximately 64.8%, while also noting the country's continued expansion of luxury accommodation. At the same time, STR/CoStar reported that occupancy had begun to soften during 2025, including in some of the markets that had benefited most from U.S. leisure demand.
For investors, this creates an important distinction:
High occupancy alone does not necessarily produce the best investment return.
A hotel operating at a lower occupancy level but achieving substantially stronger ADR can potentially generate superior RevPAR and operating margins.
Therefore, investors evaluating Costa Rica projects for 2027–2030 should examine:
- Occupancy
- ADR
- RevPAR
- GOPPAR
- EBITDA margin
- Development cost per key
- Stabilised yield on cost
- Exit capitalisation rate
- IRR
- Equity multiple
5. ADR Is Where the Opportunity Becomes Particularly Interesting
Average Daily Rate—or ADR—may be one of the most important metrics for the next generation of Costa Rican hotel development.
STR/CoStar reports that Costa Rica's ADR reached record levels in 2023 before subsequently declining, while Caribbean ADR continued to reach record highs. The data also needs to be interpreted carefully.
The Caribbean has a higher proportion of high-end hotels than Costa Rica, which partly explains the difference in ADR performance.
That creates an interesting development question.
Could Costa Rica's next generation of luxury and Upper Upscale resorts capture more of the premium pricing currently associated with competing luxury leisure destinations?
For developers, this is potentially more important than simply adding rooms.
The strategic objective should be to create assets with:
- Premium ADR + sustainable occupancy + strong RevPAR + high operating margins.
That combination is what ultimately creates investment value.
6. RevPAR: The Metric Investors Should Watch Closely
Revenue per Available Room—or RevPAR—combines occupancy and ADR and is therefore a more useful measure of hotel performance than either metric alone.
The Costa Rican market is not uniform.
STR/CoStar reports that San José's year-to-date RevPAR remained below 2019 levels, while the strongest growth since 2020 has been concentrated in Guanacaste and in Upper Upscale and Luxury hotels.
That creates an important investment distinction between:
Average visitor stays were approximately 12.9 nights. For hotel investors, this matters.
A destination where international visitors spend more and stay longer can support a broader hospitality ecosystem.
The opportunity is therefore not limited to room revenue.
A well-positioned resort can generate revenue from:
- Rooms
- Food & beverage
- Spa
- Wellness
- Excursions
- Experiences
- Meetings and events
- Branded residences
- Villas
- Golf
- Retail
- Beach clubs
The strongest projects may ultimately be those capable of capturing a greater percentage of total visitor spending.
10. Air Connectivity Is a Critical Investment Driver
Hospitality investors should never underwrite Costa Rica without analysing airlift.
Between 2024 and 2025, Costa Rica's available airline seat capacity increased by approximately 7.7%, from around 5.1 million to 5.48 million annual seats.
For 2026, approximately 5.3 million seats were programmed, maintaining historically high connectivity levels.
This is particularly important for resort markets.
At the same time, investors should recognise the risks.
Costa Rica remains exposed to the U.S. leisure market, and STR/CoStar warns that a slowdown in international inbound demand could put pressure on ADR, particularly in high-end resort markets. The opportunity to diversify demand through Europe and Canada is therefore strategically important.
For developers and capital partners, the message is straightforward:
Do not invest in Costa Rica simply because tourism is growing.
Invest where the market fundamentals, land basis, development cost, ADR potential, occupancy, RevPAR, operating margins and exit strategy create a compelling risk-adjusted investment proposition.
For investors able to identify those opportunities early, 2027–2030 could represent an important new chapter in Costa Rica's hospitality investment cycle.
For Hotel Developers, Family Offices & Investment Funds
Property Square SRL / Hotel Property Group is actively interested in connecting with qualified investors, hotel developers, family offices, and institutional capital seeking hotel development, acquisition, repositioning, and hospitality investment opportunities across Costa Rica and the wider Caribbean & Central American region.
Serious investors with a defined investment mandate and Proof of Funds are invited to connect for confidential discussions regarding suitable opportunities.
Key Investment Metrics
FDI Greenfield ranking: #8 globally, 2026 Greenfield projects: 18.1 per million inhabitants FDI project overperformance: 6.5× relative to economic size International air arrivals 2025: ~2.875 million Projected air arrivals 2026: ~2.910 million Projected air arrivals 2027: ~2.979 million Hotel occupancy referenced by CBRE: 64.8% 2024–2025 air-seat capacity growth: ~7.7% 2023 average visitor expenditure: US$1,892.80 Average visitor stay: ~12.9 nights Investment return: Project-specific; no blanket ROI/IRR assumption should be applied without full underwriting.
Franck Robert - Follow
Hospitality Development & Business Development Executive | International Hospitality & Real Estate Advisor | Strategic Partnerships | Caribbean & Latin America
Sources
The Costa Rica News — 2026 FDI ranking CoStar / STR — Costa Rica hotel performance update Tourism Analytics — Costa Rica hotel performance update Costa Rica Tourism Institute (ICT) — Tourism statistics Costa Rica Tourism Institute — National Tourism Plan CBRE — H2 2025 Global Hotel Outlook
