The real estate market in Colombia’s tourism sector is undergoing a significant transition, creating distinct winners and losers, according to Matias Maya Calad, General Manager of Hotel Operations Co. In a recent interview, Maya Calad discussed emerging opportunities and effective strategies in Colombia’s changing hospitality real estate landscape.
“We were seeing a big influx of tourists from the States, mainly. And we were seeing a lot of people coming down to Colombia, mostly to Cartagena,” said Maya Calad, who has developed boutique hotel properties across Colombia since 2018. “Colombia benefited a lot from the exposure that social media gave to, let’s say, more secluded touristic places.”
The Colombian hospitality real estate market has experienced substantial cost increases since the pandemic, with land and construction prices rising from the low levels seen in 2018-2019. Despite these increases, opportunities remain for developers with a strategic approach.
Calad identified several dynamics making select Colombian markets stand out to investors and developers. In Santa Marta, he cited the success of Perla Roca Hotel— a 26-suite beachfront boutique property where every room includes a private pool— as an example of the region’s growing luxury potential. Its location, just 25 minutes from the airport, has positioned it to capture consistent visitor demand and outperform more remote tourism projects.
He also emphasized the importance of proximity to established transportation and tourism corridors, noting that accessibility can be a decisive factor in project viability. Beyond geography, Calad pointed to the strategic advantage of entering markets early, particularly in areas where initial regulatory gaps allowed developers to secure valuable positions before stricter zoning took effect— creating opportunities that are now increasingly rare in Colombia’s evolving real estate landscape.
Maya Calad identified three main factors for potential investors: “Uniqueness is one, the other one is irreplicability. How can you make a product that someone else won’t be able to replicate? And the third one is top of the market.”
The focus on irreplicability is driven by Colombia’s competitive environment: “We are great replicators, and Colombians are very good at saying, I think this is a success. I’m going to make it like that,” making defensible positioning essential for long-term success.
For those considering entry into the Colombian market, Maya Calad offered guidance on avoiding commoditization: “If you have a bunch of products that are completely similar between one another, and that’s what has happened to Airbnb for the last three years, you have commodities. So anything from the market and sales perspectives becomes really a matter of rates. Who’s charging less for the same product.”
He also noted that successful projects need enough rooms to support operational infrastructure while maintaining boutique characteristics and unique positioning within their markets.
Looking ahead, Maya Calad expects further consolidation around larger boutique properties that can achieve operational efficiency. “So developing more volume adjusted products to the market, it’s still a great opportunity to establish yourself,” he said, suggesting that the ideal model is properties large enough to support centralized operations while maintaining a differentiated market presence.
The emphasis on irreplicable assets and strategic scale reflects the maturation of Colombia’s hospitality real estate market, moving from its early phase of rapid growth to a more sophisticated landscape that demands more strategic planning and operational skill.
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