- Feb. 6, 2014
-- The Investment Consulting Group S.A., through the Development Company of Nicaragua, invested over US$5 million in two of the largest projects of Estelí, Nicaragua. The projects include the construction of the Hotel Hex and the Multicenter Mall, which generated 175 direct and 260 indirect jobs.
The investment is a result of the stable business and economic climate that the department of Estelí is experiencing, and will have an important impact in the local economy. Estelí is the capital city of Nicaragua's great green north, a city of 100,000 residents. It is an important commercial hub that straddles the Pan-American Highway, and is also the center of the international hand-crafted cigar industry, which supports tens of thousands of families in the region. In addition to tobacco farms, there are processing and rolling factories in and around the city, as well as a large network of growers, buyers, and sellers.
Multicenter Estelí consists of a shopping center and a large theater area in the first two floors and a luxury 3-star hotel with 49 rooms in the last three levels. The hotel alone employs 33 people including waitresses, receptionist, maintenance, marketing, sales, kitchen, general cleaning and security. Around 80 percent of the labor force is from Estelí and surrounding areas. The mall and hotel which began operations on Jan. 5, 2014 have already received visitors from the U.S., Canada, Mexico, Central and South America due to events such as the Third International Festival of Tobacco.
The President of the Nicaraguan Chamber of Construction, Benjamin Lanzas, stated that the department of Estelí is the leader in production and export of cigars and is established as one of the greatest areas of economic boost of Nicaragua, due to the high power achieved in recent years from investment attraction, which highlights the modern building of about 7,000 square meters.
Furthermore, the construction of new hotels, housing developments, restaurants, sport zones, shopping centers as well as nationwide electronics distributors and national and international franchises demonstrate this Department’s boost in investment.
The tobacco industry is also creating job opportunities. Many travelers are coming to Estelí to see where their cigars are manufactured. Other travelers come to Estelí to order custom cowboy boots, tour the city’s famous street art, enjoy its climate or go hiking.