Sure, there are TONS of outstanding luxury hotels in the 3rd world.
What I mean is: don't go to Colombia and expect a Park Hyatt, St. Regis, Peninsula, MO, etc. It's not a glitz and glam type of city.
What you'd find is something more along the lines of Peruvian luxury - which is by all means 5*.
Think more along the lines of classical and/or historic colonial architecture.
Not trying to get into a debate of what constitutes the third world.
Maybe a better explanation is: the type of luxury you'll find here is consistent with other colonial and pre-colonial cities in the Western hemisphere. (Central america and south america)
Also, don't find telling you about a could-be-promo at the property discussed here to be a solicitation, but different strokes I guess. Apologies.