Perspectives on Roll-Ups in LatAm

Hi all - any opinions on roll-up strategies spanning across multiple countries in LatAm?

I am interested in doing a roll-up in the ecotourism space - I am currently US-based, but lived in Costa Rica for 10 years & would love to start with a first acquisition there. However, I am concerned the market in Costa Rica alone could be too small for a roll-up, but think the market is plenty large across LatAm.

I know companies like Selina were started in Panama & then spread across multiple countries in LatAm very quickly through acquisitions, rolling up hostels - but they were obviously VC-backed.

Any perspectives on roll-up strategies spanning multiple countries in LatAm for search?