DOMINICAN REPUBLIC - Real Estate & Construction
Born in Santiago in 1961, Álvaro Peña graduated in Civil Engineering from the Pontificia Universidad Catolica Madre y Maestra (PUCMM). He has been at Codelpa for over two decades, and is currently the President of the firm, operating in the Dominican Republic. Previous positions have taken him to Jamaica and Haiti.
After the expansion of the tourism sector, we decided to focus on construction and today we are the foremost builder of hotel facilities. Codelpa currently has over 10,000 beds in its portfolio of built and renovated hotels. We have also benefited from the favorable conditions foreign investors enjoy here, which has brought many foreign companies to the Dominican Republic to build their hotels. As business expanded, we expanded our operations to other countries; for example, in 2005 we moved into Jamaica, a country where we plan to open a couple of new hotels this year. We believe that Jamaica has great potential within the tourism industry. Codelpa has also developed industrial projects in Haiti, and will explore new markets in the near future.
We have two projects in Punta Cana, which we have built in six months. They are breathtaking projects that are in line with the style we have encouraged over the years. Our projects are always completed on time and one of our greatest advantages is the team of young and talented professionals we have. We have invested a lot of time and resources in our people and processes; we are fully certified with ISO 9001 and we have played a very active role in industrializing the construction sector in this country. Codelpa has also invested in many facilities and processes related to the construction sector. For example, we are self-sufficient in cement blocks and concrete.
Our people are our main assets; we have people from the Dominican Republic, Jamaica, Germany, Spain, and Haiti who keep us at the forefront of our industry.
Barcelo Hotels is one of our major clients right now. We also built for Grupo Martinón, Royalton, NH Hotels, Bahia Principe, and many more. This shows our flexibility and ability to produce at international standards. Regarding our business activity, this year we focused on strengthening our HR department in order to improve the training of our professionals. We have also built bridges with the higher education sector to provide our staff with other development opportunities. In addition, closer ties with universities will allow us to spot new professional talent.
These are two very important elements in our business. This award was bestowed by the Chamber of Construction, based on our impact in the tourism industry, making us the most important local company in this regard. The Association of Hotels also reinforced this prestige by highlighting how we conduct our operations from a business point of view. This substantiates the way in which we have managed to become a reliable company in a very competitive market. Over the years, we have partnered with European, Canadian, and US firms, meaning that we know how to adapt our work to their expectations. We are a very flexible company.
The current environment is ideal for investment. The Dominican Republic has better incentives than the entire Caribbean put together, with which we actively compete. We have become a very attractive investment destination thanks to political stability, favorable conditions, the affable character of our society, and over 10% growth this year in the tourism industry has been the main economic engine for the Dominican Republic.
The economy must be prepped for the growth of tourism. However, we also need to further diversify our business activity. There is also great potential in some segments of the tourism industry as this has evolved over the last few years. We now target a more high-end audience, rather than only the all-inclusive market. For example, there is great potential in the luxury and ecotourism segments. Health tourism could also bring some interesting developments and in my opinion, this may take place sooner than people expect. Finally, we still need to explore the second residence segment within the tourism sector, and take full advantage of our proximity to the US and Canada. We have taken some steps in this regard, but we have yet to fully exploit it.
I think the country will continue to emulate the positive growth trends of the last decade. Apart from the tourism industry, the agriculture and agribusiness sectors have great potential, as currently the Caribbean region sources these products from the US. We have a lot to contribute to these markets. Organic agriculture is another segment with interesting prospects. The country has yet to fully explore economic cooperation with the US in terms of exports. Also, the increasing investment in education—right now there are 15,000 Dominican students around the world enjoying a scholarship—will boost the service- and IT-related business areas in the country.
© The Business Year – November 2014
DOMINICAN REPUBLIC - Finance
Business Development Director, Latin America Region JMMB
DOMINICAN REPUBLIC - Health & Education
Director & President, Clinica Corazones Unidos
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