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Colombia’s hotel rates dropped amidst a surge in hotel construction and foreign investment.
According to Colombian radio station Caracol, hotel rates in Colombia’s second largest city Medellin have dropped 40%, while room prices in major cities such as Bogota, Cali, and Barranquilla are also falling.
Hotel Bogota manager Alfonso Dominguez said the drop in rates was caused by a glut in hotel construction and an influx of foreign investment.
Dominguez said, “Colombian hotels are positioning to compete with international firms.”
