Hotel investments in Peru in 2011 reached $270 million, a record amount for this South American country, the official Andina news agency said Saturday.

According to the report, which cites a Scotiabank spokesman, investments in this sector were 402 percent higher than in 2010 when the total was $54 million.

Scotiabank analyst Pablo Nano cited figures from the Hotel Association of Peru, or SHP, indicating that most of the investments were concentrated in Lima to the tune of $230 million.

"Meanwhile in the southern area - Arequipa, Cuzco, Ica, Madre de Dios, Jaen and Tacna - the projects under development accounted for $40 million," he said.

Nano said that this increase in hotel investments is partially explained by inauguration of projects that were postponed in 2009 and 2010 due to the international financial crisis.

"Plus the existing red tape does not permit adhering to the investment timetables originally planned, since in many cases the procedures for obtaining permits and operating licenses can take up to two years," he said.

The analyst said that the country's revenues in foreign currency from incoming tourists reached $2.9 billion in 2011, an increase of 18 percent over the year before, according to figures of the Foreign Trade and Tourism Ministry, or Mincetur. EFE