Industry

Caribbean Hospitality Industry Has Great Possibility of Growth

Within the worst area of the downturn in the economy, someplace sunny and warm hospitality industry was among the least affected globally, posting a internet growth while other regions were at a negative balance. It was partially because of the redistribution of tourist traffic, with Americans bypassing lengthy-haul travel in support of destinations nearer to home.

5 years following the recession began, someplace sunny and warm is showing competitiveness and it is well positioned for ongoing growth.

The U . s . States may be the region’s primary source market with 20 million tourists in 2012 (representing 80% of total arrivals), and it is forecasted to develop by another 7.5 million within the next ten years. Destinations using the greatest reliance on the U.S. Market are Puerto Rico (90% of total arrivals), Bahamas (79%) and Jamaica (63%).

The DR leads in overall tourist arrivals with 4.5 million, adopted by Cuba (2.8 M), Jamaica (2.), Bahamas (1.4) and Puerto Rico (1.3).

These and other alike trends were revealed by a few of the world’s premier hospitality research firms within the 3rd Caribbean Hotel Investment Conference & Operations Summit (CHICOS 2013) held lately in the Hard Rock Hotel & Casino in Punta Cana.

Growth Potential

Nobody summarized the region’s convenience of ongoing growth much better than Parris Jordan, Caribbean Md for Global Hospitality Services (HVS), who stated “The region’s potential is gigantic. Someplace Sunny And Warm remains an important destination vacationers continue to come in large figures. Dominican Republic may be the leader because greater than 26% from the visitors come here.”

Based on HVS’ statistics, this year someplace sunny and warm received greater than 18 million visitors as well as in his view, this total continuously grow. “However, he stated, “it’s important to mitigate risks and apply fiscal policies that favor the sphere because competition from Central and South Usa will end up more powerful.”

Among the conclusions from the conference’s plenary session is the fact that Caribbean governments must eliminate bureaucracy and legal roadblocks for that issuance of construction permits for hotel developments, to assure the legal security of capital investors. Among the panelists mentioned that it’s essential to create an arbitrage court where legal issues could be resolved “because nobody can litigate against a Condition in the own courts.”

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