Colombia - Travel & Tourism, January 2024

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MarketLine Industry Profile
Travel & Tourism in Colombia

January 2024
Reference Code: 0078-2806
Publication Date: January 2024
Primary NAICS: 72
Secondary NAICS: 561510,481111,713210,4821
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Industry Profiles
1. Executive Summary
1.1. Market value

The Colombian travel & tourism industry grew by 89.4% in 2022 to reach a value of $16,318.6 million.
1.2. Market value forecast

In 2027, the Colombian travel & tourism industry is forecast to have a value of $27,605.1 million, an
increase of 69.2% since 2022.
1.3. Category segmentation

Foodservice is the largest segment of the travel & tourism industry in Colombia, accounting for 31.8% of
the industry's total value.
1.4. Geography segmentation

Colombia accounts for 1.1% of the Americas travel & tourism industry value.
1.5. Market rivalry

The travel and tourism industry is dominated by large international players across all segments, who
compete intensely among themselves and with numerous smaller independent players. This intensifies
rivalry.
1.6. Competitive landscape

The Colombian travel and tourism industry comprises a mixture of B2B and B2C industries and markets. For
this competitive landscape, the analysis will focus on the foodservice, hotels and motels, and airlines
segments. Together, these segments account for around 83.6% of the total Colombian travel and tourism
industry's value. The foodservice industry is characterized by several large-scale multinational companies,
including Grupo Nutresa, Frisby SA, and McDonald’s, that operate alongside smaller, independent
foodservice outlets. Similarly, in the hotels and motels industry, large-scale players such as Hoteles y
Resorts Decameron, Hotels Estelar, Marriott, and Hilton dominate but operate alongside many smaller,
independent competitors. The airline industry is made up of a relatively small number of large companies,
including Avianca, LATAM, and Fast Colombia.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive landscape.................................................................................................................................2
2. Market Overview 7
2.1. Market definition .........................................................................................................................................7
2.2. Market analysis ............................................................................................................................................7
3. Market Data 9
3.1. Market value ................................................................................................................................................9
4. Market Segmentation 10
4.1. Category segmentation..............................................................................................................................10
4.2. Geography segmentation...........................................................................................................................12
5. Market Outlook 13
5.1. Market value forecast ................................................................................................................................13
6. Five Forces Analysis 14
6.1. Summary ....................................................................................................................................................14
6.2. Buyer power...............................................................................................................................................15
6.3. Supplier power ...........................................................................................................................................17
6.4. New entrants .............................................................................................................................................18
6.5. Threat of substitutes ..................................................................................................................................20
6.6. Degree of rivalry.........................................................................................................................................21
7. Competitive Landscape 23
7.1. Who are the leading players? ....................................................................................................................23

Industry Profiles
7.2. What strategies do the leading players follow?.........................................................................................23
7.3. What are the strengths of leading players? ...............................................................................................24
8. Company Profiles 25
8.1. Grupo Nutresa SA.......................................................................................................................................25
8.2. Avianca Group International Ltd ................................................................................................................29
8.3. GHL Hoteles................................................................................................................................................32
9. Macroeconomic Indicators 34
9.1. Country data ..............................................................................................................................................34
Appendix 36
Methodology ...........................................................................................................................................................36
9.2. Industry associations..................................................................................................................................37
9.3. Related MarketLine research .....................................................................................................................37
About MarketLine....................................................................................................................................................39

Industry Profiles
LIST OF TABLES
Table 1: Colombia travel & tourism industry value: $ million, 2017–22 9
Table 2: Colombia travel & tourism industry category segmentation: % share, by value, 2017–2022 10
Table 3: Colombia travel & tourism industry category segmentation: $ million, 2017-2022 10
Table 4: Colombia travel & tourism industry geography segmentation: $ million, 2022 12
Table 5: Colombia travel & tourism industry value forecast: $ million, 2022–27 13
Table 6: Grupo Nutresa SA: key facts 25
Table 7: Grupo Nutresa SA: Annual Financial Ratios 26
Table 8: Grupo Nutresa SA: Key Employees 27
Table 9: Grupo Nutresa SA: Key Employees Continued 28
Table 10: Avianca Group International Ltd: key facts 29
Table 11: Avianca Group International Ltd: Annual Financial Ratios 30
Table 12: Avianca Group International Ltd: Key Employees 31
Table 13: GHL Hoteles: key facts 32
Table 14: GHL Hoteles: Key Employees 33
Table 15: Colombia size of population (million), 2018–22 34
Table 16: Colombia gdp (constant 2005 prices, $ billion), 2018–22 34
Table 17: Colombia gdp (current prices, $ billion), 2018–22 34
Table 18: Colombia inflation, 2018–22 34
Table 19: Colombia consumer price index (absolute), 2018–22 34
Table 20: Colombia exchange rate, 2018–22 35

Industry Profiles
LIST OF FIGURES
Figure 1: Colombia travel & tourism industry value: $ million, 2017–22 9
Figure 2: Colombia travel & tourism industry category segmentation: $ million, 2017-2022 11
Figure 3: Colombia travel & tourism industry geography segmentation: % share, by value, 2022 12
Figure 4: Colombia travel & tourism industry value forecast: $ million, 2022–27 13
Figure 5: Forces driving competition in the travel & tourism industry in Colombia, 2022 14
Figure 6: Drivers of buyer power in the travel & tourism industry in Colombia, 2022 15
Figure 7: Drivers of supplier power in the travel & tourism industry in Colombia, 2022 17
Figure 8: Factors influencing the likelihood of new entrants in the travel & tourism industry in Colombia, 2022 18
Figure 9: Factors influencing the threat of substitutes in the travel & tourism industry in Colombia, 2022 20
Figure 10: Drivers of degree of rivalry in the travel & tourism industry in Colombia, 2022 21

Industry Profiles
2. Market Overview
2.1. Market definition

The travel & tourism industry consists of revenues generated by passenger airlines, passenger rail, hotels &
motels, foodservice, travel intermediaries, and casinos & gaming.
The passenger airlines segment includes expenditures made by passengers for traveling by flight for both inbound
and domestic trips.
The passenger rail segment includes expenditures made by passengers for traveling by rail.
The hotels & and motels industry consists of establishments that provide paid lodging and full guest services,
typically with a continuous staff presence. In the case of motels, this includes off-street parking facilities, but not
necessarily meal services. The industry value consists of the total revenue generated by (a) rent that a guest pays
for an occupied room and (b) other revenues, including revenue from food and beverages, telecommunications,
health and leisure operations, and car rent.
Foodservice is total direct spending exclusively on food and beverages from food service outlets by inbound,
domestic, and outbound tourists within a single economy. Foodservice outlets include full-service restaurants,
cafes/bars, fast food, street stalls/kiosks, self-service cafeterias, and 100% home delivery takeaway.
Travel intermediaries are the total direct spending via travel intermediaries by inbound, domestic, and outbound
tourists within a single economy so, this data point includes only the revenue (i.e., commission only) of the
intermediaries, not the total market value generated by the travel intermediaries.
The casinos & gaming market values are stated in terms of gross gambling yield (GGY). It is the amount of money
retained by the casino and gaming operators after winnings amounts have been paid and before operating costs
are deducted.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2022 annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The Colombian travel & tourism industry grew at a healthy growth rate during the historic period. However, the
industry is expected to grow at a strong rate over the forecast period.
Colombia accounted for a share of 1.1% of the South American travel & tourism industry. The growth in the
Colombian travel & tourism industry is influenced by several macroeconomic factors, such as rising GDP, increasing

Industry Profiles
disposable income, and growing consumer confidence. Colombia is one of the key tourism markets in South
America and is witnessing one of the fastest recoveries in tourism across the region. The increasing demand for its
destinations is boosting its competitiveness. The country is receiving an increasing amount of greenfield foreign
direct investment (FDI) in the field of tourism, thereby elevating its position in the tourism industry.
The Colombian travel & tourism industry had total revenues of $16.3 billion in 2022, representing a compound
annual growth rate (CAGR) of 6.2% between 2017 and 2022. In comparison, the US industry increased with a CAGR
of 2.9% and the Mexican industry declined with a negative CAGR of 2% over the same period to reach respective
values of $1,209.2 billion and $35.5 billion in 2022.
The market witnessed strong growth of 89.4% in 2022 due to rising leisure and business tourism, growth in the
hotel and motel industry, an increasing number of global events attracting large visitors, boosting infrastructure
development, easing mobility, and emerging adventure tourists. Colombia is one of the most popular tourist
destinations in South America owing to its stunning landscapes, Afro-diasporic culture and beautiful beaches. The
US, Mexico, Peru and Argentina are some of the key inbound tourism markets for Colombia. The 2022 Easter
season also played a key role in reactivating the country’s inbound tourism market.
The foodservice segment accounted for the industry's largest proportion in 2022, with total revenues of $5.2
billion, equivalent to 31.8% of the industry's overall value. The passenger airlines segment contributed revenues of
$4.4 billion in 2022, equating to 26.9% of the industry's aggregate value.
The food services segment captured the largest market share in the travel and tourism industry. The goal of the
food services sector is to make its guests feel comfortable while they are there. The hotel sector has numerous
opportunities to enhance guests' culinary experiences with local dishes and cuisines, thanks to the quick surge in
food tourism. In the tourism industry, food services have a big impact on innovation, enhancing already-existing
tourism attractions, and protecting local heritage. Since food is a major component of the resources and
attractions of a destination, it plays a significant role in tourism. In order to guarantee that consumers have access
to healthy and safe food options, manage expenses minimize waste, and advance sustainability, food flow is also
crucial.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 11.1% over 2022–27, which
is expected to drive the industry to a value of $27.6 billion by the end of 2027. Comparatively, the US and Mexican
industries will grow with CAGRs of 11.1% and 10.8%, respectively, over the same period to reach respective values
of $2,042.9 billion and $59.1 billion in 2027.
Local tourism promotion, tourist services and information, and product creation and marketing fall under the
purview of municipal authorities. The government is playing a key role in expanding the country’s tourism sector.
In March 2022, the country’s Ministry of Commerce, Industry and Tourism launched a new cultural tourism project
“Route of Cumbia and Caribbean Musics” to promote the Caribbean’s culture, heritage, fairs & festivals,
gastronomy, and music, across 23 municipalities spread over 1,300 kms of the Caribbean. Such initiatives will
strengthen the country’s tourism competitiveness, thereby offering substantial growth opportunities to the travel
& tourism players operating across the country.

Industry Profiles
3. Market Data
3.1. Market value

The Colombian travel & tourism industry grew by 89.4% in 2022 to reach a value of $16,318.6 million.
The compound annual growth rate of the industry in the period 2017–22 was 6.2%.
Table 1: Colombia travel & tourism industry value: $ million, 2017–22
Year $ million COP million € million % Growth

2017 12,065.3 51,345,276.3 11,480.5
2018 13,230.2 56,302,214.6 12,588.9 9.7%
2019 14,274.1 60,744,824.4 13,582.2 7.9%
2020 4,017.0 17,094,878.9 3,822.3 (71.9%)
2021 8,615.3 36,663,280.4 8,197.7 114.5%
2022 16,318.6 69,445,407.8 15,527.6 89.4%
CAGR: 2017–22 6.2%

Source: MARKETLINE MARKETLINE
Figure 1: Colombia travel & tourism industry value: $ million, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Foodservice is the largest segment of the travel & tourism industry in Colombia, accounting for 31.8% of the
industry's total value.
The Passenger airlines segment accounts for a further 26.9% of the industry.
Table 2: Colombia travel & tourism industry category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Foodservice 25.3% 27.1% 26.8% 34.6% 28.7% 31.8%
Passenger Airlines 31.1% 29.9% 29.9% 26.2% 28.2% 26.9%
Hotels & Motels 28.3% 27.7% 27.2% 23.2% 29.0% 24.9%
Travel Intermediaries 15.3% 15.4% 16.1% 16.0% 14.2% 16.4%
Total 100% 100% 100% 100% 100% 100%

Table 3: Colombia travel & tourism industry category segmentation: $ million, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Foodservice 3,057.7 3,580.4 3,826.2 1,389.2 2,470.2 5,193.3 11.2%
Passenger Airlines 3,752.8 3,955.6 4,268.2 1,050.9 2,430.2 4,386.5 3.2%
Hotels & Motels 3,411.0 3,663.0 3,886.0 933.0 2,495.0 4,070.0 3.6%
Travel Intermediaries 1,843.8 2,031.2 2,293.7 644.0 1,219.9 2,668.8 7.7%
Total 12,065.3 13,230.2 14,274.1 4,017.1 8,615.3 16,318.6 6.2%


Industry Profiles
Figure 2: Colombia travel & tourism industry category segmentation: $ million, 2017-2022

Industry Profiles
4.2. Geography segmentation

Colombia accounts for 1.1% of the Americas travel & tourism industry value.
The United States accounts for a further 82.5% of the Americas industry.
Table 4: Colombia travel & tourism industry geography segmentation: $ million, 2022
Geography 2022 %
United States 1,209,151.0 82.5
Brazil 117,050.3 8.0
Mexico 35,452.3 2.4
Colombia 16,318.6 1.1
Rest of the Americas 87,934.3 6.0
Total 1,465,906.5 100%

Figure 3: Colombia travel & tourism industry geography segmentation: % share, by value, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the Colombian travel & tourism industry is forecast to have a value of $27,605.1 million, an increase of
69.2% since 2022.
The compound annual growth rate of the industry in the period 2022–27 is predicted to be 11.1%.
Table 5: Colombia travel & tourism industry value forecast: $ million, 2022–27
Year $ million COP million € million % Growth

2022 16,318.6 69,445,407.8 15,527.6 89.4%
2023 19,435.5 82,709,868.4 18,493.5 19.1%
2024 21,303.1 90,657,512.9 20,270.5 9.6%
2025 23,236.7 98,885,861.5 22,110.3 9.1%
2026 25,138.8 106,980,720.8 23,920.3 8.2%
2027 27,605.1 117,476,256.0 26,267.0 9.8%
CAGR: 2022–27 11.1%

Figure 4: Colombia travel & tourism industry value forecast: $ million, 2022–27

Industry Profiles
6. Five Forces Analysis

The travel & tourism market will be analyzed taking providers of travel and tourism services, encompassing hotels,
restaurants, airlines, and the operators of railways, leisure attractions, and gaming establishments as players. The
key buyers will be taken as consumers of travel and tourism services, including public and corporate customers, as
well as individual end users, and a wide variety of suppliers to the various segments of the travel and tourism
industry, for example fuel providers to airlines, and food providers to hotels and restaurants as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the travel & tourism industry in Colombia, 2022
The travel and tourism industry is dominated by large international players across all segments, who compete intensely
among themselves and with numerous smaller independent players. This intensifies rivalry.
Within the industry, where switching costs are negligible and competing on price alone is no longer a key to success,
brand recognition, and innovation help to attract first-time customers and repeat business. Buyers include business and
leisure customers, with the latter becoming increasingly price sensitive. Travel agents, which are large buyers, have
augmented bargaining power against other players in the industry.
Suppliers include providers of various goods and services, as well as a qualified workforce. Due to a high reliance on
complex ICT systems and the growing importance of mobile communication channels, some suppliers may exert strong
supplier power.
Entry on a small scale for a new player is possible but given the importance of brand power and technology to
expansion within each segment, significant capital outlay is required for a large-scale operation. Regulation and the
limited availability of properties for development may deter new entrants.
A new substitute in the form of private rentals, widely available through online services such as Airbnb, is a potential
threat to the industry.

Industry Profiles
6.2. Buyer power
Figure 6: Drivers of buyer power in the travel & tourism industry in Colombia, 2022
The travel and tourism industry is a mixture of B2B and B2C. The number of potential buyers is large, although, as they
are non-essential and relatively expensive, air travel, hotel stays, and visits to restaurants, etc. may be out of reach for
less affluent people. Where buyers are numerous, buyer power tends to decrease, as it is less vital for market players to
retain any individual customer.
Foodservice is not essential to buyers, eating out is a leisure experience that can be avoided in difficult financial times.
This means that price has a strong effect on demand and many restaurants and cafes will offer deals and discounts at
off-peak times to attract customers who would not necessarily be drawn in at full price. Other tactics that foodservice
players use include limited-time menu items and loyalty schemes through which they offer a reward for repeat
customers. Large players in the foodservice industry invest heavily in brand-building, particularly in the low- and
medium-price segments.
Some of the services are highly differentiated. On one hand, a major hotel chain will often operate several brands, each
targeting a different market segment, such as ‘economy’, ‘upper midscale’, ‘luxury’, and so on. This is reflected in the
wide variation in room rates. On the other hand, rail travel is less susceptible to differentiation. Often, a particular route
is only available from one or two rail companies offering similar services.
The only differentiation from the point of view of most consumers in the airline segment is the difference between so-
called 'full-service' (legacy) and 'low-cost' carriers (LCCs). Low-cost carriers tend to attract mainly price-sensitive
consumers. Customers have a fairly high propensity to switch airlines if the same (or similar) route is offered at a lower
price. This is a highly price sensitive industry, evidence of this can be seen in the rapid rise of low-cost carriers.
Switching costs are low or non-existent for restaurants and leisure facilities. Also, a buyer who stays in different hotels
on different occasions does not incur switching costs. However, altering an advance booking may lead to some costs.
In the casinos and gaming segment, players can choose from a range of gaming activities such as lotteries, gaming
machines, poker, blackjack, and sports betting. There are different methods of distribution – online, outlets, casinos –
and different win margins. Loyalty to a particular market player is unlikely to be high, although compulsory membership
in many casinos can ensure that customers are retained. Buyer power is strengthened as forward integration is very
unlikely in this segment.
Some of the considerations made by buyers in the travel and tourism industry are heavily affected by the apparent
safety of the place they wish to visit, and reputation has a large impact on this. Violent and petty crimes are common in

Industry Profiles
urban areas of Colombia. Small towns and rural areas are also considered dangerous due to the presence of illegal
armed groups and narcotics trafficking. Violent crime and kidnapping remain a threat, with political groups and criminal
organizations occasionally holding tourists for ransom. This can sometimes be an issue of perception rather than real
safety concerns, but it does have an impact. This is also something that is largely out of the hands of individual airlines
or restaurants, which simply have to deal with the political situation they find themselves in, they cannot influence it.
This is why it can be beneficial to become multinational in this industry.
In regard to hotels, corporate buyers, and travel agents, in particular, have more bargaining power as a result of their
financial muscle, which is related to the bulk purchase of rooms. Consequently, the loss of a contract with a travel agent
is significant for an industry player. Ultimately, the decision of individual buyers is reliant on the availability of
disposable income, as credit is not a usual financing option. The depreciation of the local currency is expected to
stimulate more demand from foreign visitors in the near future.
The existence of online travel intermediaries increases consumer awareness with regard to price, enhancing buyer
power. Players within this segment are upgrading their technology to detect customer behavior and market upsurge.
Online reviews have a decisive impact on consumer decisions and the ability to easily make cancelations online gives
buyers greater power. Expedia (trivago, expedia.com, hotels.com) and Booking Holdings (booking.com, agoda.com,
kayak.com) have eroded the brand appeal of large hotel operators in particular by increasing consumers' awareness of
quality and price.
Buyer power is moderate overall.

Industry Profiles
6.3. Supplier power
Figure 7: Drivers of supplier power in the travel & tourism industry in Colombia, 2022
Important suppliers range from fuel companies and aircraft manufacturers in the airline industry, and food and drink
suppliers in the foodservice industry, to large numbers of fairly low-wage employees.
For restaurants, food and staffing costs are significant. There is usually a wide range of potential food suppliers,
although the need for restaurants to source high-quality food and drink in order to maintain their own reputation can
strengthen supplier power. Although wage levels are not usually high, foodservice tends to be a labor-intensive sector.
In countries where minimum wage legislation is in force, supplier power is increased as the employing business's ability
to control pay levels is restricted.
The hotels and motels industry is labor intensive, staff costs are significant as success is strongly influenced by the
quality of the service provided. This strengthens supplier power. However, advances in check-in and booking
technologies are reducing the need for high numbers of staff. Additionally, hotel owners might need to service
mortgages on the property or fund new building developments for expansions.
Among the major chains, the franchising of their brands to third-party property owners is a very common business
model that allows expansion without the high capital outlay needed to build or acquire the hotels themselves, which
eases supplier power.
In the airline industry, aircraft manufacturers form an oligopoly. Aircraft manufacturing is highly capital-intensive; as
such, there are very few players in the industry. For large (wide body) aircraft there are only two suppliers worldwide,
namely Boeing and Airbus, both of which are huge corporations, creating a duopoly. Other manufacturers such as
Embraer, Bombardier, and United Aircraft Corporation (parent company of Ilyushin, Tupolev, and Sukhoi) have limited
supply in the (civil) airline industry. There are a comparatively large number of suppliers in the small jet market, but
choice is still limited, increasing supplier power significantly.
In all segments of the travel and tourism industry, there is little opportunity for vertical integration between suppliers
and industry players, as they operate in very different businesses.
Overall, supplier power is moderate.

Industry Profiles
6.4. New entrants
Figure 8: Factors influencing the likelihood of new entrants in the travel & tourism industry in Colombia, 2022
The ease of entry into the travel and tourism industry varies significantly between segments. The threat ranges from
weaker in the airlines and passenger rail segments to strong within the restaurant and hotel segments, which are within
the reach of small businesses.
Barriers to entry are likely to be lowest in the restaurants, hotels, and motels segments. While large national and
multinational chains exist, the industry is fragmented, indicating that it is possible to operate successfully on a small
scale. It is common for independent establishments to be small, family-run businesses, which may acquire a hotel with
a bank loan or mortgage or rent restaurant premises. Little training is required, and regulation is not onerous.
The foodservice industry is a highly regulated one and is subject to strict regulations on matters of food hygiene.
Although compliance imposes costs, many aspects of hygiene require good working practices rather than costly
expenditure on equipment. Such costs can be externalized to some extent, perhaps by only recruiting key staff
members who have already completed the appropriate training.
Successful entry into the airlines or passenger rail markets requires considerable capital, as new entrants must buy or
lease planes or trains. Regulation is stringent and complex. Civil aviation authorities have licensing rules for employees,
aircraft safety, access to airports and flight paths, and compliance is costly. In the rail industry, there may be a legally
protected monopoly, or long-term concession allocations that make it impossible for a new company to enter the
market until a concession expires. There are instances of airlines that carry considerable financial backing from other
industries, states themselves or that are very successful, muscling out traditional state carriers and making market
entry. Examples of this would be the spread of wealthy Middle Eastern airlines that are heavily supported by their
governments, such as Etihad, Qatar Airways, and Emirates, which have been rather successful in the long-haul industry.
The number of air passengers is increasing in Colombia due to developments within the airline industry. Recently, for
instance, LATAM Colombia introduced domestic daily flights on new routes from Cartagena to Cali and Medellin to
Barranquilla. Projects such as the renovation of Barranquilla Airport, which includes modernizing the airport’s terminal
and upgrading the landing strip, may encourage new entrants.
The Colombian industry has strong natural resources and price competitiveness. However, it currently lacks advanced
airport infrastructure, as well as safety and security, which could potentially deter tourists. A higher score in terms of
travel and tourism competitiveness is likely to encourage new entrants.
Overall, there is a moderate threat of new entrants.

Industry Profiles

Industry Profiles
6.5. Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the travel & tourism industry in Colombia, 2022
The main substitutes for leisure travel and tourism are other types of leisure pursuits. For people who want some time
away from home, these include self-catering holidays such as camping. Cycles or cars can substitute air and rail travel.
These options are likely to be cheaper than the services offered by the travel and tourism industry, although there may
be switching costs, such as the need to buy equipment. The continued popularity of this kind of holiday indicates that,
for some, they are considered beneficial alternatives.
In the foodservice segment, having a meal or drinks out is a non-essential activity that can be easily substituted by
cooking at home, with the only switching cost being the time and effort to cook a meal. It is usually cheaper than eating
out and home-cooked food usually contains fewer calories, and less salt and fat content, especially when compared to
fast food. Some players capitalize on the drive for healthy eating, with McDonald's and Subway offering a salad option
as an alternative in some of their stores.
A substitute becoming increasingly threatening in this industry, particularly to the hotels and motels segment, is online
services such as Airbnb, FlipKey, and Couchsurfing. The International Hotel and Restaurant Association describes these
services as partially unfair to competition, but they have proven extremely successful. The nightly price for an Airbnb
ranges greatly depending on the destination. Prices within countries can also vary significantly, and in high-demand
areas, average prices rise. This represents a significant substitute threat to traditional hotel and motel operators, and
they are reacting by rolling out brands to attract millennial consumers who typically favor Airbnb.
The threat of substitutes is assessed as strong overall.

Industry Profiles
6.6. Degree of rivalry
Figure 10: Drivers of degree of rivalry in the travel & tourism industry in Colombia, 2022
Some of the leading players within the industry include Avianca Holdings SA, GHL Hotels, and McDonald's, which
benefit from economies of scale and recognizable brands.
With the exception of a number of large, multinational chains, many competitors in the foodservice industry are small
to medium businesses, although there is a very large amount of them. There are numerous companies with similar
structures, offering similar products at similar prices. As consumers incur no switching costs when changing their
foodservice providers, rivalry is intensified among players.
Airlines generally own most of their planes, although some will be leased. These costly assets must be divested in order
to exit the industry. Similarly, where hotels or restaurants own their real estate outright, it may be difficult to sell
without loss if property prices have declined. Where assets are leased or rented, market exit may be more
straightforward, and rivalry eased.
Players in each segment tend to be strongly focused on that specific sector. The lack of diversification means that
success in that industry segment is vital, which tends to boost rivalry. The small, independent restaurants and hotels are
constrained to a single location, and thus strongly affected by the economic conditions in that country. The rise of third-
party accommodation booking websites may be beneficial to small hotels because they give them easy access to
customers from beyond their own country. Larger foodservice and hotel chains often have a physical presence in
several countries. By decreasing their reliance on a single geographical market and its business cycle, these factors can
ease rivalry.
Some airlines have diversified into offering other associated travel services but most only focus on air travel.
Diversification into freight can be another revenue stream and most major airlines already do this. Moreover, many
airlines tend to bundle their services by offering hotel bookings and car rentals, gathering commission fees added to
ancillary revenues.
Individual consumer experiences are evolving as technology becomes increasingly integrated with ordering processes
within the foodservice segment. A problem with bustling fast-food chains is that many customers are standing waiting
in queues. McDonald’s has helped to solve this problem by introducing touchscreen kiosks, which eliminate the need to
relay an order to a member of staff at a desk. Not only does this make customized orders easier but means new
customers are less likely to be deterred by allowing them more space and time to decide upon an order. By offering a
differentiated service, McDonald’s is able to establish an edge over its competitors.

Industry Profiles
End user tastes are changing, particularly where younger travelers are concerned. Just having a nice hotel in a good
location is no longer enough, therefore it is important that players adapt in order to remain competitive. The so-called
‘Instagramability’ of a location is a factor influencing where millennials wish to travel and so are the facilities that are
included within the hotel. By diversifying service or product offerings, leading players are able to appeal to a wider
consumer base, which can help position them ahead of rivals.
Due to the problems many governments around the world are encountering concerning obesity, especially childhood
obesity, fast-food chain restaurants have come under sustained pressure from lobbyists, government departments, and
consumers to reduce the harmful impacts of their most famous dishes and provide healthier alternatives on the menu.
Consequently, chains such as McDonald’s now have a sub-section on the menu of foodstuffs that are less than 400
calories and have in recent years expanded offerings of salads and dishes that fall outside of the traditional burger. Such
changes are important to maintain social relevance and remain competitive amongst consumers.
High storage costs for physical products increase rivalry because failure to sell inventory increases costs and decreases
profitability. In the travel and tourism industry, the analogous situation is the cost of operating a train or airliner with
empty seats or maintaining unoccupied rooms in a hotel. Because a hotel is not only offering a room, but a defined
period of occupancy, it is in a similar situation to a greengrocer selling perishable fruit and vegetables. Some companies
in this industry act as wholesalers, selling block-booked rooms to consolidators which then retail them to consumers.
The hotel may get a lower price than in a direct booking, but the consolidator then assumes the risks of selling this
perishable product.
In the digital age, it has become crucial for players within the travel and tourism industry to invest in effective cyber
security measures, due to the sensitive nature of the information they possess. Security breaches can be harmful to a
company’s image, therefore, it is important that measures are taken to prevent this happening in order to maintain
trust amongst consumers.
Overall, the degree of rivalry is strong.

Industry Profiles
7. Competitive Landscape
The Colombian travel and tourism industry comprises a mixture of B2B and B2C industries and markets. For this
competitive landscape, the analysis will focus on the foodservice, hotels and motels, and airlines segments.
Together, these segments account for around 83.6% of the total Colombian travel and tourism industry's value.
The foodservice industry is characterized by several large-scale multinational companies, including Grupo Nutresa,
Frisby SA, and McDonald’s, that operate alongside smaller, independent foodservice outlets. Similarly, in the
hotels and motels industry, large-scale players such as Hoteles y Resorts Decameron, Hotels Estelar, Marriott, and
Hilton dominate but operate alongside many smaller, independent competitors. The airline industry is made up of
a relatively small number of large companies, including Avianca, LATAM, and Fast Colombia.
7.1. Who are the leading players?

Foodservice: The leading player in the Colombian foodservice industry is Grupo Nutresa. The company classifies its
business operations into nine reportable segments: Biscuits, Coffee, Cold Cuts, Chocolate, TMLUC, Retail Food, Ice
Cream, Pastas, and Others. The company operates 47 production plants and has a distribution network in 17
countries. The company offers its products under various brand names, including Berard, Zenu, Cunit, Rica,
Pietran, Hermo, Nutresa, Colcafe, Doria, Comarrico, and Pozuelo. It has a business presence in North America and
Latin America.
Hotels & Motels: GHL Hoteles (GHL) is a provider of hospitality services and the leading player in Colombia. It
offers superior rooms, deluxe rooms, twin rooms, guest rooms, food, and beverages. The company offers services
such as online hotel reservations, hotel accommodation services, meeting and event facilities, spa and massage,
fitness center, luggage storage, laundry, bar, parking, pets' admittance, swimming pool, business center, and other
in-room amenities. The company has a presence in Argentina, Chile, Colombia, Costa Rica, Ecuador, Guatemala,
Honduras, Nicaragua, and Peru. It is headquartered in Bogota, Bogota DC, Colombia. The company operates 36
hotels in Colombia.
Passenger Airline: Avianca Group International Limited (Avianca), formerly Avianca Holdings SA, is an air
transportation service provider. The company provides services such as passenger transportation, travel and
engineering services, freight service, and aircraft maintenance and operation, among others. Avianca also offers
cargo service, car rental, hotel booking, mail transportation, web check-in, baggage allowance, airport services,
and ground handling, among others. It also operates a coalition loyalty program, LifeMiles a frequent flyer
program, which offers incentives to customers. It serves destinations across the US, Canada, Brazil, Chile, Costa
Rica, Spain, Colombia and Peru, among others. Avianca is based in Bogota, Colombia.
7.2. What strategies do the leading players follow?

Nutresa strives to achieve profitable growth with its leading brands by providing better customer service with a
wide distribution network globally. By 2030, the company intends to double its sales in 2020, generating higher
returns than the cost of capital used. To achieve this goal, Nutresa intends to provide food products and
experiences from highly recognized brands to its consumers.
GHL Hoteles' strategy for 2022-23 is focused on accelerating growth through new operating contracts, additional
investments in hotels, and acquisitions of other third-party hotel operators. The company has partnered with
Advent International, a global private equity firm, to strengthen its financial position and pursue expansion
opportunities in Latin America. GHL Hoteles aims to consolidate its position as the largest Latin American player in
the hotel industry by leveraging its expertise as a third-party hotel operator and capitalizing on the potential for
growth in the region. The company's portfolio includes various brands and international hotel chains, and it is
looking to capitalize on the trend of independently owned hotels in Latin America by acting as a go-between with
owners and brands. Additionally, GHL Hoteles has been renewing its master franchise relationships and pursuing
acquisitions to further enhance its presence in the region. The company's strategy is aligned with the evolving

Industry Profiles
nature of the hotel industry in Latin America, where third-party managers are adopting more sophisticated
practices and services. GHL Hoteles' focus on expansion and partnerships reflects its commitment to becoming a
leading player in the Latin American hospitality market.
7.3. What are the strengths of leading players?

A common strategy used by all the leading players in this industry is to operate a variety of hotel brands, often
with very varying price points. The leading hotel operators tend to differentiate their brands by age, budget, and
type of traveler. In this way, these companies can appeal to a wider range of consumers. Leading players tend to
spread their brands across the budget, midscale, and upscale/luxury segments, which attract varying prices. The
Average Daily Rate (ADR) for budget hotels was $100.6 in Colombia in 2022, according to GlobalData. At the other
end of the scale, the ADR for luxury hotels operating in Colombia amounted to $334.6 in 2022.
Nutresa has a market-leading position in Colombia and some other markets, which gives it an edge over its
competitors. The company had a consolidated market share of 52.3% in Colombia in FY2022. It had a market share
of 55.1% in the cold-cuts business, 47.7% in the pasta business, and 50.5% in the biscuits business in Colombia. It
had a 70.2% market share in chocolate confectionery, 53.9% in hot chocolate, 33.4% in nuts, and 41.1% in milk
modifiers. In the coffee business, the company is a leader in Colombia with a market share of 51.8% in ground
coffee and 36.1% in soluble coffee. Its pasta business has a market share of 47.7% in Colombia. The company is
also a leading player in its ice cream business and retail food business in Colombia. Furthermore, robust in-house
R&D facilities enable the company to strengthen its operations. Innovation-based strategies enable the company
to stay abreast of the changes in the industry and provide it the ‘first mover’ advantage by enabling it to launch
products ahead of competition and deliver advanced products and services to its customers. The R&D arm of the
company focuses on the development of new products, business models experiences, and services. It promotes
and manages innovation in collaboration with the technology, science, and global innovation ecosystems. The
company focuses on exploring and adopting technologies, which are at high maturity levels, in collaboration with
entrepreneurs, research centers, and others from the ecosystem.

Industry Profiles
8. Company Profiles
8.1. Grupo Nutresa SA
8.1.1. Company Overview
Grupo Nutresa SA (Nutresa), a subsidiary of Grupo de Inversiones Suramericana SA, is a manufacturer,

distributor and marketer of food products. The company's product portfolio includes processed meats, canned
foods, ready to eat meals, pizzas, sausages, hamburger products, cookies and crackers, wafers, yogurt, snacks,
chocolates, ice cream, pasta, and cold drinks. It also provides juices, desserts, soups, teas, biscuits, chocolate
candies, nuts, and edible oil. It also produces instant coffee, roasted and ground coffee, and coffee extracts,
besides water and milk-based ice cream pops. The company has business presence in North America and Latin
America. Nutresa is headquartered in Medellin, Antioquia, Colombia.
The company reported revenues of (Peso) COP17,037,823 million for the fiscal year ended December 2022
(FY2022), an increase of 33.8% over FY2021. In FY2022, the company’s operating margin was 8.8%, compared
to an operating margin of 8.7% in FY2021. In FY2022, the company recorded a net margin of 5.2%, compared to
a net margin of 5.3% in FY2021. The company reported revenues of COP4,668,317 million for the third quarter
ended September 2023, a decrease of 1.5% over the previous quarter.
8.1.2. Key Facts
Table 6: Grupo Nutresa SA: key facts
Head office: Carrera 43 A 1 A Sur - 143 Edificio Santillana, Piso 7, Medellin, Antioquia, Colombia
Number of Employees: 99
Website: www.gruponutresa.com
Financial year-end: December
Ticker: NUTRESA
Stock exchange: Colombia Stock Exchange
Source: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Grupo Nutresa SA (Nutresa) is a manufacturer, distributor, and marketer of food products. Its products portfolio
includes processed meats, pizzas, sausages, sandwich, ham, cookies and crackers, wafer, yogurt, chocolates,
coffee, ice cream, pasta, and soft drinks. The company offers its product under three categories: foods, beverages,
and others. In FY2022, foods accounted for 64.6% of the company’s revenue, followed by beverages (26.4%), and
others (9%).
The company classifies its business operations into nine reportable segments: Biscuits, Coffee, Cold Cuts,
Chocolate, TMLUC, Retail Food, Ice Cream, Pastas, and Others.
The company operates 47 production plants and has distribution network in 17 countries.

Industry Profiles
Table 7: Grupo Nutresa SA: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 3.69 10.46 11.74 14.48 33.75
Operating Income Growth % 9.65 12.65 6.57 8.41 36.30
EBITDA Growth % 8.98 22.58 6.73 6.71 31.55
Net Income Growth % 20.25 -0.35 14.28 17.63 30.45
EPS Growth % 21.14 3.16 11.95 22.23 25.73
Working Capital Growth % 6.53 17.58 55.22 38.46 52.09
Equity Ratios
EPS (Earnings per Share) COP 1092.28 1126.80 1261.48 1541.95 1938.66
Dividend per Share COP 558.30 600.60 639.90 688.80 886.50
Dividend Cover Absolute 1.96 1.88 1.97 2.24 2.19
Book Value per Share COP 18017.87 18744.10 17816.63 19586.73 23410.69
Profitability Ratios
Gross Margin % 44.88 44.11 41.90 40.25 36.61
Operating Margin % 9.42 9.61 9.16 8.68 8.84
Net Profit Margin % 5.60 5.06 5.17 5.31 5.18
Profit Markup % 81.44 78.94 72.12 67.37 57.76
PBT Margin (Profit Before Tax) % 7.81 7.35 7.33 7.75 7.40
Return on Equity % 6.10 5.84 7.02 7.55 8.24
Return on Capital Employed % 7.40 7.19 7.78 7.71 8.89
Return on Assets % 3.63 3.45 3.69 4.17 4.68
Return on Working Capital % 109.12 104.55 71.78 56.20 50.36
Operating Costs (% of Sales) % 90.58 90.39 90.84 91.32 91.16
Administration Costs (% of Sales) % 34.23 32.47 30.64 29.94 26.63
Liquidity Ratios
Current Ratio Absolute 1.38 1.39 1.58 1.75 1.79
Quick Ratio Absolute 0.79 0.82 0.96 1.01 0.93
Cash Ratio Absolute 0.17 0.21 0.38 0.33 0.28
Leverage Ratios
Debt to Equity Ratio Absolute 0.34 0.48 0.52 0.46 0.50
Net Debt to Equity Absolute 0.29 0.42 0.40 0.37 0.40
Debt to Capital Ratio Absolute 0.25 0.32 0.34 0.32 0.33
Efficiency Ratios
Asset Turnover Absolute 0.65 0.68 0.71 0.78 0.90
Fixed Asset Turnover Absolute 2.66 2.60 2.60 2.92 3.62
Inventory Turnover Absolute 4.38 4.37 4.53 4.42 4.16
Current Asset Turnover Absolute 3.27 3.27 3.12 3.01 2.99
Capital Employed Turnover Absolute 0.79 0.75 0.85 0.89 1.01
Working Capital Turnover Absolute 11.58 10.88 7.83 6.48 5.70
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 8: Grupo Nutresa SA: Key Employees
Name Job Title Board

Alberto Hoyos Lopera President Biscuits Nutresa Senior Management
Alberto Hoyos Lopera Vice President International Senior Management
Andres Arango Director Non Executive Board
Carlos Ignacio Gallego Palacio Chief Executive Officer Senior Management
Christian Murrle Director Non Executive Board
Diego Medina Leal President Cold Cuts Nutresa Senior Management
Diego Medina Leal Vice President Logistics Senior Management
Eloy Alfaro Boyd Director Non Executive Board
Fabian Andres Restrepo
President Pasta Nutresa Senior Management
Zambrano
Fabian Andres Restrepo Vice President Sales and Digital
Senior Management
Zambrano Transformation
Francisco Eladio Gomez Zapata President Coffee Nutresa Senior Management
Jaime Gilinski Bacal Director Non Executive Board
Jaime Palacio Chairman Executive Board
Jairo Gonzalez Gomez General Counsel Senior Management
Jairo Gonzalez Gomez Vice President Senior Management
Jesus Vallejo Director Non Executive Board
Jose Domingo Penagos Vasquez Chief Financial Officer Senior Management
Jose Luis Suarez Director Non Executive Board
Juan Chusan Andrade President Retail Food Senior Management
Juan Constantino Martinez Director Non Executive Board
Juan Fernando Castaneda Prada President Chocolates Nutresa Senior Management
Juan Fernando Castaneda Prada Vice President Marketing Senior Management
Juan Mauricio Montoya Correa Vice President Servicios Nutresa Senior Management
Justo Garcia Gamboa President Tresmontes Lucchetti Senior Management
Vice President Strategic Region, Chile and
Justo Garcia Gamboa Senior Management
Mexico
Luis Felipe Hoyos Director Non Executive Board
Maria Adelaida Arango Hoyos General Director-Fundacion Nutresa Senior Management
Maria Adelaida Arango Hoyos Vice President Sustainable Development Senior Management
Mario Alberto Nino Torres President Ice Cream Nutresa Senior Management
Mario Alberto Nino Torres Vice President Innovation and Nutrition Senior Management

Industry Profiles
Table 9: Grupo Nutresa SA: Key Employees Continued

Maximiliano Londono Arango Director Non Executive Board
Miguel Piedrahita Soto Director Non Executive Board
Oliverio Lew Director Non Executive Board
Ricardo Diaz Romero Director Non Executive Board
Ricardo Fandino Director Non Executive Board

Industry Profiles
8.2. Avianca Group International Ltd
Avianca Group International Limited (Avianca), formerly Avianca Holdings SA, is an air transportation service
provider. The company provides services such as passenger transportation, ravel and engineering services,
freight service, and aircraft maintenance and operation, among others. Avianca also offers cargo service, car
rental, hotel booking, mail transportation, web check-in, baggage allowance, airport services, ground handling,
and among others. It also operates a coalition loyalty program, LifeMiles a frequent flyer program, which offers
incentives to customers. It serves destinations across the US, Canada, Brazil, Chile, Costa Rica, Spain, Colombia
and Peru, among others. Avianca is headquartered in Bogota, Colombia.
The company reported revenues of (US Dollars) US$1,711.6 million for the fiscal year ended December 2020
(FY2020), a decrease of 62.9% over FY2019. The operating loss of the company was US$621.5 million in FY2020,
compared to an operating loss of US$554.3 million in FY2019. The net loss of the company was US$1,086.9
million in FY2020, compared to a net loss of US$913.7 million in FY2019. The company reported revenues of
US$607.8 million for the third quarter ended September 2021, an increase of 39.2% over the previous quarter.
8.2.2. Key Facts
Table 10: Avianca Group International Ltd: key facts
Head office: Aquilino De La Guardia Calle No. 8 , Panama City, Bogota DC, Panama
Telephone: 507205600
Fax: 5714147523
Number of Employees: 20865
Website: www.aviancataca.com
Financial year-end: December
Ticker: PFAVH
Stock exchange: Colombia Stock Exchange
8.2.3. Business Description
Avianca Group International Limited (Avianca) provides domestic and international transportation services. It
operates in the Caribbean, Europe, North, Central and South America.
The company classifies its business operations into two segments: Air Transportation and Loyalty.
Avianca’s Air Transportation segment corresponds to cargo and passenger operating revenues on freight transport
and scheduled flights, including flights operating by other airlines under code-sharing agreements. In FY2022, the
Air Transportation segment reported revenues of US$3,834.5 million, which accounted for 94.7% of the company’s
revenue, including eliminations.
The company’s Loyalty segment operates coalition loyalty program which offers incentives to customers. This
includes the LifeMiles a frequent flyer program for Avianca’s airline subsidiaries. The customers earn miles through
the LifeMiles program by flying with Avianca or its partner carriers. In FY2022, the Loyalty segment reported
revenues of US$213.3 million, which accounted for 5.3% of the company’s revenue, including eliminations.
Geographically, Avianca categorizes its operations into five regions, namely the Colombia; South America
(excluding Colombia); the US; Central America and the Caribbean; and other. In FY2022, the Colombia region
accounted 44% of the company’s revenue, followed by South America (excluding Colombia) with 14.8%, the US
with 18.2%, Central America and the Caribbean with 18% and other with 5%.

Industry Profiles
Table 11: Avianca Group International Ltd: Annual Financial Ratios

Key Ratios 2016 2017 2018 2019 2020
Growth Ratios
Sales Growth % -5.11 7.33 10.11 -5.63 -62.92
Operating Income Growth % 18.12 13.61 -20.95 -338.80 -12.13
EBITDA Growth % 17.45 14.97 2.38 -93.71 -326.29
Net Income Growth % 110.93 184.08 -151.42 -3583.88 -18.96
EPS Growth % 110.93 184.05 -99.03 -111846.48 -107.19
Working Capital Growth % 27.24 -5.14 66.18 -4.02 374.47
Equity Ratios
EPS (Earnings per Share) USD 0.03 0.07 -0.79 -1.64
Dividend per Share USD 0.02 0.03 0.03 0.02
Dividend Cover Absolute -3.51 1.54 2.83 0.02 -52.13
Book Value per Share USD 2.06 2.08 1.71 0.25 -2.01
Profitability Ratios
Gross Margin % 50.12 48.94 47.13 46.76 50.71
Operating Margin % 6.25 6.61 4.75 -12.01 -36.31
Net Profit Margin % 0.41 1.09 -0.51 -19.80 -63.50
Profit Markup % 100.50 95.84 89.15 87.85 102.86
PBT Margin (Profit Before Tax) % 1.89 2.30 0.44 -18.85 -61.04
Return on Equity % 1.21 3.41 -2.12 -440.70 84.35
Return on Capital Employed % 5.55 5.93 4.70 -12.20 -115.01
Return on Assets % 0.27 0.73 -0.35 -12.70 -15.38
Return on Working Capital % -38.31 -45.88 -21.82 54.29 12.83
Operating Costs (% of Sales) % 93.75 93.39 95.25 112.01 136.31
Administration Costs (% of Sales) % 37.37 35.27 34.43 32.94 54.28
Liquidity Ratios
Current Ratio Absolute 0.60 0.67 0.51 0.63 0.23
Quick Ratio Absolute 0.55 0.61 0.47 0.59 0.22
Cash Ratio Absolute 0.22 0.27 0.13 0.13 0.14
Leverage Ratios
Debt to Equity Ratio Absolute 2.34 2.65 3.42 23.42 -4.87
Net Debt to Equity Absolute 1.97 2.17 3.12 21.40 -4.13
Debt to Capital Ratio Absolute 0.70 0.73 0.77 0.96 1.26
Efficiency Ratios
Asset Turnover Absolute 0.65 0.67 0.70 0.64 0.24
Fixed Asset Turnover Absolute 0.89 0.93 0.96 0.90 0.35
Inventory Turnover Absolute 27.31 25.26 27.56 27.50 9.94
Current Asset Turnover Absolute 4.03 3.88 4.10 3.27 1.07
Capital Employed Turnover Absolute 0.89 0.90 0.99 1.02 3.17
Working Capital Turnover Absolute -6.13 -6.94 -4.60 -4.52 -0.35

Industry Profiles
Table 12: Avianca Group International Ltd: Key Employees

Adrian Neuhauser Chief Executive Officer Executive Board
Adrian Neuhauser Director Executive Board
Adrian Neuhauser President Executive Board
Alvaro Jose Aguirre Director Non Executive Board
Carolina Cortes Vice President Corporate Communications Senior Management
Declan Ryan Director Non Executive Board
Fernando Lara Chief Information Officer Senior Management
Frederico Pedreira Chief Operating Officer Senior Management
Frederico Pedreira Executive Vice President Senior Management
Gabriel Oliva Executive Vice President Cargo Senior Management
Gonzalo Restrepo Director Non Executive Board
Katherine Stradaioli Vice President Customer Promise Senior Management
Kerry Philipovitch Director Non Executive Board
Manuel Ambriz Chief Commercial Officer Senior Management
Matthew Vincett Chief Executive Officer LifeMiles Ltd Senior Management
Matthew Vincett Chief Loyalty Officer Senior Management
Michael Anthony Swiatek Chief Strategy and Planning Officer Senior Management
Patrick Kiblisky Director Non Executive Board
Renato Covelo Chief People Officer Senior Management
Richard Galindo Chief Legal Officer Senior Management
Richard Galindo General Counsel Senior Management
Richard Schifter Vice Chairman Executive Board
Robert Fornaro Director Non Executive Board
Roberto Jose Kriete Chairman Executive Board
Rohit Philip Chief Financial Officer Senior Management
Simon Duffy Director Non Executive Board

Industry Profiles
8.3. GHL Hoteles
GHL Hoteles (GHL) is a provider of hospitality services. The company owns and operates hotels and restaurants.
It offers superior room, deluxe room, twin room, guest room, food and beverages. The company offer services
such as online hotel reservations, hotel accommodation services, meeting and event facilities, spa and massage,
fitness center, luggage storage, laundry, bar, parking, pets' admittance, swimming pool, business center and
other in-room amenities. GHL also provides space for organizing business events, trainings, conferences and
meetings. The company operates hotels in Argentina, Chile, Colombia, Costa Rica, Ecuador, Guatemala,
Honduras, Nicaragua and Peru.GHL is headquartered in Bogota, Bogota DC, Colombia.
8.3.2. Key Facts
Table 13: GHL Hoteles: key facts
Head office: 72nd street No. 6-30 Bogota, Bogota DC, Colombia
Website: en.ghlhoteles.com
Financial year-end: April

Industry Profiles
Table 14: GHL Hoteles: Key Employees

Claudia Marcela Lievano Director Senior Management
Juan Rodriguez Medina Director Marketing Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 15: Colombia size of population (million), 2018–22
Year Population (million) % Growth

2018 49.8 1.1%
2019 50.4 1.1%
2020 50.9 1.1%
Table 16: Colombia gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 265.1 4.4%
2019 276.8 4.4%
2020 288.9 4.4%
Table 17: Colombia gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 529.0 7.3%
2019 569.5 7.7%
2020 612.5 7.6%
Table 18: Colombia inflation, 2018–22
Year Inflation Rate (%)

2018 3.2%
2019 3.2%
2020 3.2%
Table 19: Colombia consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 159.7
2019 164.8
2020 170.1
Table 20: Colombia exchange rate, 2018–22
Year Exchange rate ($/COP) Exchange rate (€/COP)

2018 2,954.3304 3,486.3729
2019 3,280.3633 3,672.5134
2020 3,690.5160 4,212.4590
2021 3,740.2621 4,420.7501
2022 4,255.5984 4,472.3822

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. International Air Transport Association (IATA)
800 Place Victoria, PO Box 113, Montreal - H4Z 1M1, Quebec - Canada
Tel.: +1 514 874 0202
Fax: +1 514 874 9632
www.iata.org
9.2.2. International Association of Gaming Regulators (IAGR)
7881 W Charleston Blvd, Suite 155, Las Vegas, NV 89117, USA

Tel.: -
Fax: -
www.iagr.org
9.2.3. International Hotel & Restaurant Association
55 AV MARCEAU 75116 PARIS FRANCE

Tel.: +4122-5948145
Fax: +331530-13279
www.ih-ra.com
9.2.4. World Leisure Association
World Leisure Organization (WLO) | Scientific and Technical Office

Arenal 1, Segunda Planta | 48005 Bilbao, Spain
Tel.: +34 946 056 151
Fax: -
www.worldleisure.org
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Airlines
Global Hotels & Motels

Industry Profiles
Global Restaurants
Global Casinos & Gaming
Global Leisure Attractions

Industry Profiles
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Colombia - Travel &amp; Tourism, January 2024

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Travel & Tourism in Colombia

Reference Code: 0078-2806

Publication Date: January 2024

Secondary NAICS: 561510,481111,713210,4821

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1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive landscape.................................................................................................................................2

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3.1. Market value ................................................................................................................................................9

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................12

5.1. Market value forecast ................................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary ....................................................................................................................................................14

6.2. Buyer power...............................................................................................................................................15

6.3. Supplier power ...........................................................................................................................................17

6.4. New entrants .............................................................................................................................................18

6.5. Threat of substitutes ..................................................................................................................................20

6.6. Degree of rivalry.........................................................................................................................................21

7.1. Who are the leading players? ....................................................................................................................23

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7.2. What strategies do the leading players follow?.........................................................................................23

7.3. What are the strengths of leading players? ...............................................................................................24

8.1. Grupo Nutresa SA.......................................................................................................................................25

8.2. Avianca Group International Ltd ................................................................................................................29

8.3. GHL Hoteles................................................................................................................................................32

9.1. Country data ..............................................................................................................................................34

9.2. Industry associations..................................................................................................................................37

9.3. Related MarketLine research .....................................................................................................................37

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Table 6: Grupo Nutresa SA: key facts 25

Colombia - Travel & Tourism, January 2024

Colombia - Travel & Tourism, January 2024