Introduction
The number one Costa Rica real estate and investment podcast bringing you experts from all over Costa Rica
Good afternoon guys and welcome to episode 280 of Costa Rica real estate and investments with me your host Richard Bexon We’re gonna be probably at the 300 pretty soon So I’m very excited to see who we’re actually gonna get on at the the 300 So I’ll have to start putting my my thinking cap on that one. But anyway today we’re joined by Rolando campus Rolando is an owner of Chayote Lodge and also a veteran of Costa Rican tourism with a 30 years of experience in tourism sales He worked for Swiss travel, which was one of the largest destination management companies for many many years and again is for some reason decided to jump into hotel ownership, which we always know is the kind of jumping from the Frying pan into the fire sometimes But anyway today we’ll be talking to him about what’s happening in the market and also tourism and where he sees the opportunity in 2026 Remember guys we have we’ve been finishing here quite a few of our own projects here in Manuel Antonio and also our now We’ve also got some syndication deals available So if anyone’s interested in knowing more about our investments or just joining our newsletter guys We’ll provide a link in the description down below where you can actually sign up for our newsletter and just get an idea of What we’re working on kind of data what’s happening in the market those kind of things But you can always email us info at investing Costa Rica comm that’s info at investing Costa Rica Calm Remember, I think on the last last podcast guys I also said we were giving away some free real estate tours as well real estate and investments tours Usually we charge thousands of dollars for these guys But we’ve decided this year to give a couple out for free as kind of a goodwill gesture to all of our listeners out There so if you’re interested guys, just email us info at investing Costa Rica calm, but let’s get straight in the podcast Good afternoon, Rolando.
Rolando Campos
How you doing? Fine fine region. How are you doing good?
It’s only taken me four years to get you on the podcast only It sounds like it sounds like building a Costa Rican road, but four years would be quick in some exactly Well, anyway, it’s an absolute pleasure to have you here on the podcast Rolando.
Costa Rica 2025 Tourism Performance and 2026 Outlook
Richard Bexon
I mean, I think we’ll get straight into it here I mean, you know 2025 I think could be what people cause maybe a turbulent year globally and it doesn’t look like 2026 You know is probably really going to change. I mean from your vantage point in tourism and like hotel ownership How would you describe what happened in Costa Rica in 2025 and what do you think is going to happen in 2026 I Think Richard there there that answer has to have different point of views.
Rolando Campos
Sure and Having elections here in Costa Rica in 2026 definitely is going to be a change what happened in 2025 was It had some goods and bads, I guess we have to say first we have less travelers coming into the country yep, we kept the exchange rate crisis and That’s when you have less clients and you have higher costs and less income. It’s all the perfect Things for that have not a very nice outcome, but I have to say that regardless of that we Resisted and as an industry, we’re still holding there and We see the positive feedback of clients Now, what do I expect for 2026? I expect a better year than 2025 in terms of Going after the election period things somehow have to Settle down.
Yeah, so I think that a lot of or some of the things that we had in 2025 in the previous two years was in preparation for Two Sundays away from today, right? Yeah, so after that Point I think we should go back to normal business because I don’t think that the economy it’s going to hold the way it is in terms of Job creation and tax collection. So if you see that the economy where It’s being driven by free zones by Zona Franca that do not pay income tax In the other big motor, it’s the tourism business where income tax is gonna be way low This year.
Yep. So I think that the government has to understand this and and avoid Getting to the stage where more jobs are lost and when we see the numbers of INEG, they reported 22,000 Jobs lost in the in the tourism business in this year in this past year And then when you talk to our people in our industry like the pharmaceutical it’s also I think something has to be done in order to to preserve the the economy in terms of jobs It’s not only the macro, but we have to look at the different factors too
Is Costa Rica Too Expensive and Is It Mature?
Richard Bexon
Do you think? Costa rica has become too expensive And do you think it’s a maturing destination as well?
Rolando Campos
I That it’s two very different questions. Yep. It’s become expensive.
Yes, it’s become more expensive that what it Historically have been And we have always been an expensive country because it’s expensive to operate here when you paid all the social benefits they are 26% Of the actual salary of an employee Plus others at the end of the day It comes to 52% That’s a lot. Yep, and Then everything else is expensive. The electricity is expensive the All the supplies are expensive and so on Now we were always expensive, but I think with the exchange rate um policy We have become even more expensive and I think we have crossed the line in some in some items where people feel It’s not worth What you’re getting it’s not the value That you should be getting So you’re wearing that shirt that let’s say it’s 30 40 dollars But you’re not gonna pay two thousand dollars for that shirt.
Yeah, so everything will get to a point where It’s very risky To keep increasing rates because then you will lose markets And yes, I do think that costa rica is expensive and I think that that’s taking a toll And that’s one of the reasons I believe we’re having less people Than in the past and we are we’re having less europeans and we’re having some months of the year where you can see the Drop more drastically than others in high season. Everybody’s happy All hotels are full and that’s the demand and then the low season comes and and that’s gonna be It’s gonna be hard and then the second part of the question was yeah I mean, do you think that there is still a lot of runway left in costa rica or has it become a mature destination?
And you think yes I think there is still long runway ahead of us because our product somehow Stays fresh And our product is set for a mindset Right the people who we look To bring to costa rica Are people who will do a perfect match with the product that we offer as a country? so it’s never I think gonna be mature in the sense of It’s over. Yep And when you When you think when you match the profile of our product with the profile of our visitors We are important in that worldwide market And that’s I think one of the reasons we keep getting repeaters year after year after year yesterday I was Working in the morning.
I was serving breakfast at the lodge and I was talking to these guests from chicago And the typical question have you been in costa rica before? Oh, yes, we have been here 24 times. Wow And i’m like 24 times First trip was in 1990 And then when I see it’s been 35 years since the first time they visit the country a lot has changed In 35 years Manuel antonio is completely different tabarindo is Completely different la fortuna and arenal completely different and they keep coming and every trip they They made they visited somewhere new And there was always something new to visit. Yeah And if I see that in that time frame of 35 years, they visited 24 times It’s quite a record Yeah, do I think that’s an exception to the rule? Yes, maybe but I don’t think it’s exceptional I think there is a lot of people that you know that are repeating and that’s when And I think that the and this will be a very interesting question maybe maybe for your research All these people who buy real estate in costa rica How many trips they made to costa rica before the decision of buying land was?
Yeah right And and how many people they influence? To visit the country in that time frame So I think we’re mature in the sense of having a more a stronger product Uh, I think we have gone a long way in terms of service and hospitality I think we have we’re a mature destination in terms of understanding the business Of understanding what the expectation of our visitors are and how we can meet those expectations Where I think we’re still not a mature destination is in the sense that We’re on the we’re it’s over That we’re on the top of things.
Richard Bexon
I think we still have a long long way to go Yeah, it’s funny about you. You know, we were talking about expensive there a little bit. I mean, I think Look, I mean I think for if you’re an existing hotel that has in existing infrastructure and say you’re a three-star hotel To go from a three to a five-star hotel is pretty it’s not impossible It’s very difficult to do The thing is your cost structure keeps going up as that three-star hotel And you keep raising your rates if that makes sense in order to cover that But your hotel is still a three-star hotel if that makes sense, and I think that that’s where it gets expensive but also we see this wave of And much larger hotels coming in Wardorf Astoria’s Ritz Carlton’s, you know, potentially the one and only which Potentially it’s not too expensive a destination because that type of client, you know Was willing to pay that amount if that makes sense because it goes with that service that they’re also receiving But I get it when it’s like when you’ve been here for 10 15 20 years I think it may get expensive because you’re kind of boxed in on the product that you actually have It’s very difficult to kind of you know, raise that tide of that of that experience Well, I suppose not that experience but yeah, it’s yeah difficult to go from a three to a five-star hotel say
Rolando Campos
Yeah So it’s very difficult And I think that Difficulty has to do with different things from with invest investing. Yep aspect. Yep logistics.
They know how yep If you’re gonna go from three to five stars, and if you’re a small business There is a lot of knowledge that you don’t have right there, correct? You have to get from somewhere else from somebody else and that will definitely cost you money So it’s not only the investing in the infrastructure. It’s not changing your the quality of the beds and the In the food, but now you need a better chef and now you need a 24-hour room service and now you need you know A lot of things that will add and add and add.
Yeah a manager That used to know what would be very interesting to see with these brands Which I think are essential to the destination and it help us keep the the momentum going uh I would like to know how many of their clients are first-timers to their brand That would be interesting. That would be interesting to know because I do believe that a lot of their clients Are already loyal to the brand.
Richard Bexon
I agree. I agree.
Rolando Campos
They’re like marriott points rewards members bonvoy You see the four seasons they were at four seasons with tamita and they were uh, yeah So yeah, and that helps I think it’s a great add to the country.
Policy Wish List: If Rolando Were President
Richard Bexon
I agree Okay question for you orlando if you were president of costa rica and you could only change one thing What would you change tomorrow?
Rolando Campos
Why one thing one just one thing? Oh my I don’t know richard There is a lot of things that I think could be changed from the president’s office or at least to start the change But like I would change maybe the the vacation time in costa rica and have schools going on vacation during our low season and not When all foreigners are coming and all hotels are full and there is a greater demand and rates are higher because now we have vacation time for schools or school break is uh At peak it’s right in the peak and it’s and it’s in that time of the year because that when Kids have to go and pick a coffee now. They don’t go to pick coffee anymore. So maybe that’s something that could be changed Starting in the president’s office.
Richard Bexon
Wow, that’s an interesting one to take a look at. Yeah. Yeah, definitely I mean i’d prefer it just because again september is pretty good in europe So because I don’t want to go to europe in december and january, that’s where my kids have vacations.
Demand vs Speculation by Region
So exactly I mean, so you’re going to check it out. No, I would I would definitely Which destinations in costa rica do you think are being delivered Like uh being driven by real demand versus speculation, you know, that’s something that has You know, like a manuel antonio that has been around for a long period of time compared to potentially I don’t know a santa teresa or nosfara. Maybe that’s and i’m maybe i’m leading you in this question here, but like What where’s there going to be real demand that you think is going to stay and stuff?
That’s just speculation that you think in like five or ten years.
Rolando Campos
It’s just not going to be there I think guanacaste, I think guanacaste has a has a challenge right there in in in the sense of what your question is Because I think one of the main drivers Of people making the decision to come to costa rica. It’s the positioning in their mind of what costa rica is about And then you get to some parts of guanacaste Where you don’t feel in costa rica You can feel it’s a beautiful tropical paradise that you can feel anywhere. Yep so There could be a gap In the mind of those clients and that could Take a toll in the future
Rolando Campos
Yeah, and And I think that’s something that guanacaste has to address especially in those very largely developed towns Where they have to go back to their Essence of why people came to guanacaste in the first place because guanacaste And there’s been a long discussion for many many years in different parts of the of the of the travel business here No part of costa rica is bigger than costa rica Right No matter what your brand is no matter how beautiful your property is or how great it is You’re under one umbrella and that umbrella is costa rica And costa rica has a structure of a destination of a country If you move too far away from that You could be stepping into Some funny soil where you don’t know what could happen. Yeah, but you cannot lose the costa rican brand and and that’s something that I see it.
For example now with the opening of the latest ultra luxury hotel in guanacaste Which is so beautiful and you tour the hotel and you can see that the architecture The interior designer and so on they paid attention to costa rica They tried to rescue and they gave the value to all those things That they put together and you can be the most expensive and beautiful and luxury property up there And you still feel you’re there Yeah, then you go to some White wall concrete buildings and you’re like, what the hell is this? so That it’s also risky to not have that in a community you have to offer a community feeling If you don’t offer a community feeling I don’t know how sustainable it can be in the long term Yes, people come to Costa Rica to enjoy and see Costa Rica.
Luxury Hotels vs Luxury Villas
Richard Bexon
Yeah, I agree. I agree What do you think comes first luxury hotels or like luxury villas and why?
Rolando Campos
I think it was hotels. It could be changing now because we have had a lot of exposure for many many years I think the break The breaking point was the arrival of the four seasons what 20 some years ago. Yeah, and that’s where I think this luxury road started But but I think always the hotels um Lead that way because at the same time they also develop land and they develop real estate that’s changed now Now you see some really high-end luxury real estate developments not attached to a hotel But until now until recently before you had a concha reserva conchal with in those days was meliana westin and w and then you have four seasons with papagayo and And you had los sueños marriott with the all the housing around marriott So it’s always together.
I think that’s changed
Richard Bexon
It’s funny though, you know, I mean, I think we might there might be a bit of a danger zone there for those You know the hobby developers that came here to costa rica thinking it would be easy and quick money, you know I don’t think they understand if like los sueños was started in the 90s, you know I mean all of these were started like over 30 years ago, and it takes that long sometimes, you know, I mean You know los sueños is just finished, you know, and I mean that’s insane to think, you know, it’s over 30 years there um You know and reserva conchal still was not finished, you know there’s still a lot more to go there and so, you know, I see a lot of I see a You know a lot of hobby developers come here and be like i’m gonna buy a big chunk of land I’m gonna cut it all up into pieces and just sell the land or sell homes and i’m like it’s not as easy as that like, you know Yeah, there is never easy I mean, that’s the beauty of costa rica. I always say and i’m like i’m so thankful It’s not easy and when everyone’s like, you know in my office is like oh god, you know One moonie looks at it the other way another moonie looks at the other i’m like Thank god, it’s difficult guys because if not everybody would be doing it So it’s only people that really want to do stuff in this country end up doing it
Richard Bexon
Mm-hmm, you know
I mean a lot of people, you know fantasize about owning a lodge or a hotel brand I mean, what’s the difference between how outsiders think a lodge or hotel makes money versus the reality the reality
The Reality of Owning a Lodge or Hotel
Rolando Campos
I think you know The the aspiration of owning a hotel Regardless of the size of if it’s a luxury or no luxury brand or if it’s a small little jungle lodge, whatever it’s like In those years when you are in college And you said I want to have a bar I want to own my own bar someday Especially if you like drinking your dream is to have a bar until you have a bar and then you’re like what am I doing here?
It’s something similar. I mean Because one thing is when you are the the client where you’re the user of that service than when you’re the owner When you’re the visitor when you’re the guest of a hotel and everything is beautiful. Everything is Staff are happy.
They smile you meet nice people in the restaurant in the bar and and Life is like perfect That’s when you go back Back in the back of the house Then you have to pay planilla and you have to pay la caja And and then you have to see how you manage to cover the services and you have to pay double on on on Fest on dias feriados and so on and it’s hard, you know, it’s and then in costa rica we have uh This is not las vegas where the occupancy Stays steady the whole year round right or it’s not the most successful hotel in arenal that again Stays full all year round costa rica is ups and downs. We have low seasons where we go in my case.
I go days without any Client without any guests so at the end of the of the year, we’re happy and things are working out but but it’s it’s not the Fantasy world that people see from the outside, but I I think richard that’s not only to hoteliers I think that’s to it to any business Especially if you’re involved in the business if you’re entrepreneur if it’s a small business And you have to work there if you have to put your hours there It’s never easy I have a lot of friends who own different kind of business from a gas station to a local little pulperia to A friend of mine who bakes cakes, whatever. I mean every it’s hard It’s not easy for anybody when there are things that always come up that were not planned And you have to deal with that and you have to solve it right on the spot And that’s the difference maybe with the hotel business people say it is so beautiful I remember when I was in school years ago uh, one of my one of my professor at university said When you work in the hotel, it’s like working in a hospital.
It’s 24 7 The only difference is that your guests are not sick. That’s it But the rest it’s like working in a hospital be ready for anything at any time Yeah, and I and I now after 10 years with chayote, I I believe
Richard Bexon
Yeah, but I think that the beauty, you know having been a hotel owner as well Rolando is you actually get to interact with the guests and see Like the joy that you bring to people’s lives and the impact and I think that that’s the difference rather than you know Just selling nuts and bolts or something.
Rolando Campos
That’s not that interesting like you bring joy to people’s lives, you know you know and And in my case from for my my little project. That’s that’s the objective That’s the mission of the project I always said and I tell my my people We are movie producers We have to set up the stage For people to come they are the actors and they have to do their job But we have to make sure that everything works for them
Rolando Campos
Yep, and When you see their smile when they when you see their face when you see them Taking a selfie with the sunset in the back or the fireplace or whatever and you’re like This is the moment I work for yep And you feel the face and you feel the energy and when they say thank you you feel that thank you comes from the inside And that’s it’s such a reward that it pays off all the logistics that go behind that that moment and it’s beautiful I I I remember meeting a very good friend of mine in in in puerto viejo. She had a hotel She sold it a few years ago not too long ago. It was almost in coros And I remember um Aurora telling me in I don’t know 20 plus years ago She said rolando.
There are two beautiful days in the life of a hotelier The day you open and the day you sell.
Richard Bexon
Yeah Look, you know, yeah I’m looks like i’m gonna be getting back into it again But I mean there is just a beauty to it rolando, you know as well Is there is an addiction to it? Correct, correct, you know I mean, let’s look ahead to 2026 to 2030. Okay, what type of tourism products do you believe are going to outperform?
Future Tourism Products: 2026–2030
Rolando Campos
I think I I don’t know I think there is a trend in in wellness Going deeper into the wellness and make it more accessible and Understanding wellness as part of our product line. Yep of our everyday life And this takes me to the pura vida concept, right? We have to understand wellness as something that goes beyond a beautiful spa and the great massage and the hot springs and a good diet it’s What can we as a destination do?
for our guests to have a better life And there is a lot of things we can do in as a society I think it’s easy. It comes natural from us And that’s our pura vida life and I think there’s been a growing consciousness That that lifestyle That we have as a country is what make us successful And it’s what we will start or will we will start to make it more structured for more people to create their own product That will invite visitors to come and enjoy life in that sense I agree.
Richard Bexon
I look I think there’s gonna you know, I’ve always you know, Casey, uh who you know, and I you know We’re often taught about talk about More like agro tourism very similar to what you’ve done if that makes sense in areas where? Are a little bit more rural where it’s like tourism can have a huge impact The thing is to go out and get the money to do it’s not easy if that makes sense But like in countries like italy, you know, the government gave like interest-free loans, but you have to buy locally You have to employ locally. I would love to see more of that incentive Just for us to create more destinations in costa rica to make sure the product is more authentic as well as I mean as you said Tamarindo needs to go back to what made it unique mammal Antonio needs to go back to what made it You know unique to begin with and as we begin to mature sometimes we kind of sand off that roughness You know to make it all look nice and pleasant and stuff Whereas I might no no, no, no keep the roughness because I think it’s what makes it interesting Yeah Yeah, yeah totally agree with you I I just wish you know, I wish that the government would talk more about tourism because they really don’t like it’s a huge No, it’s hard, you know, it’s hard.
Rolando Campos
I don’t understand why though I think it’s Maybe vision Because I mean we have at the ICT But the ICT is not the government. No, it is the ICT correct and we need to have a Transversal understanding of our business throughout the whole structure of the government From the ministry of health to the ministry of agriculture to the ministry of culture the meaning of education all of them have to have to understand that the Most beautiful thing that could have happened to us is tourism Because it’s the only tool that can let us Take both To a lot of people. Yep while preserving the country while protecting the environment I mean who Are the most interested in protecting the environment in costa rica? tourism correct it’s us who Fight for national parks to protect land to preserve the species tourism Yeah, so and somehow we have been left alone But for many many years, do you think that like that’s kind of the strength has become the weakness?
Richard Bexon
I mean the strength the reason it was left alone was because it was quite a kind of quiet There was a lot of foreigners involved as well, if that makes sense, that weren’t Ticos, that were kind of like more of just leave me alone and let me do my kind of thing.
But that organicness kind of created what we had. But then that dispersedness and organicness was then the weakness because everybody wasn’t together like a block, like, I don’t know, like agriculture, if you know what I mean. Exactly.
Rolando Campos
But even to put it in a more dramatic way, we talk about not that governments throughout history, it’s not this government, it’s always been like this, they just have not put the attention and they’re not, they have not talked about tourism in the deepness that we need it to. But let’s talk about local municipalities.
Richard Bexon
Correct.
Rolando Campos
I think that’s even worse.
Richard Bexon
That is, that is.
Rolando Campos
Because they aren’t right there. The mayor is right there in the middle of that community where they, where he sees the tourists going up and down every single day. And there is one thing that I’ve always used as an example, Manuel Antonio.
If you read this in a book, you will just say it’s a lie. It’s so hard to believe that the Canton of Aguirre, where Manuel Antonio is the most important economic and social place, you go from Quepos to Manuel Antonio and there is no sidewalk.
Richard Bexon
Correct.
Rolando Campos
Sidewalk. I mean, you’re talking of something that’s been in civilizations for centuries. And we don’t have a sidewalk for people to go from Quepos to Manuel Antonio.
We do not have a parking lot in Manuel Antonio, one of the busiest national parks in the country. And you have to park in the street because there is no official parking lot.
Richard Bexon
Yeah.
Rolando Campos
How do you understand that from a country where 8, 10% of the gross national product comes from tourism? Well, that’s direct, right?
Richard Bexon
Not indirect.
Rolando Campos
It’s absolutely nuts.
Richard Bexon
Yeah, yeah. But I think that sometimes to an extent, right, I know that is the beauty of Costa Rica, that sometimes it is nuts and it doesn’t make sense. And like, you know, so my last question for you, if you inherited $500,000 tomorrow and you had to deploy it in Costa Rica into a business or real estate, what would you put it in and why?
If You Had $500,000 to Invest in Costa Rica
Rolando Campos
I’ll put it in, I don’t know, probably a little hotel, a bed and breakfast. I think that you are the wrong person because I’m very passionate about what I do. So if I, especially if you’re giving me the $500,000 that I don’t have to pay back.
Richard Bexon
No, I mean, you inherit it, you know.
Rolando Campos
I think I’ll go, I’ll stay on this business. I think it’s all rewarding. And I would probably pick the same location I have now.
I think it’s beautiful there. I think it’s so authentic and people are nice and people are happy. But it’s very interesting because this year, with all exchange rating and increase of costs and so on, I wonder how attractive.
And now talking seriously about your question, I don’t know if I will go to the travel business at this very moment in history when I see all the regulations and the different kinds of businesses around the country and how much money are people actually making in this business at this point, you know?
Richard Bexon
Yeah.
Rolando Campos
But yeah, I enjoy it fully. It’s been my life. It’s been my career all my life.
And yeah, I will stay here, I’m sure.
Richard Bexon
Awesome. Well, Rolando, it’s been an absolute pleasure. Anyone that wants to reach out to Chayote Lodge and get an idea of what’s going on, I’ll put all the contact details in the description.
Rolando Campos
Beautiful. Only one hour from the airport on the way to Arenal. Best location ever.
Richard Bexon
I’ve been. It’s absolutely stunning. It’s absolutely stunning.
So I’ll put all the contact details down in the description down below. But very much appreciate you taking the time to join us on the podcast. Thank you.
Thanks very much. Bye. You’re welcome.
Thank you. Bye. Guys, I love to get a wide variety of guests on here and love chatting with Rolando.
I’ve been friends with him for many, many years. And he has a beautiful lodge at Chayote. I mean, if you’re looking for something really authentic in Costa Rica, I’d highly suggest it.
The link is in the description down below, guys. It’s a real authentic stay in Costa Rica, surrounded by cafe, coffee, sorry, cafe, coffee. And it’s just a very rural destination where you get a real authentic feel for Costa Rica.
But hopefully that was an interesting conversation there with Rolando. He’s had 30 years here in tourism in Costa Rica and knows it like not many people do. But remember, guys, if you’re looking to do anything in Costa Rica, buying real estate, investing, even building, we have various facets.
It’s kind of interesting now we’re a fully integrated developer here in Costa Rica. But a lot of our business, you know, we do 30% commercial stuff. I’d probably say about 40% is client residential projects.
And then another 30% is our own development. So if you’re interested in just chatting with us and getting to know more, guys, and you just, you know, you find me interesting or the podcast interesting and want to know more, feel free to reach out. Info at investingcostarica.com.
It comes direct to me, so you’ll be talking to me. And I always say that I’ve always got, it used to be 30 minutes, but I’ve always got 15 minutes to everyone. And, you know, I open up my Rolodex and help them in any way that I can.
And I think a lot of listeners on the podcast have interacted with me and fully understand that and are often sending me emails or WhatsApp messages just for help on certain things. So again, info at investingcostarica.com. But until the next podcast, we’ll catch you later, guys.
Outro
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