caribbean hotel market
Caribbean Travel & Tourism Sector Recovering Faster Than Any Other Region in the World
WTTC | October 20, 2021
International spending growth to outpace domestic With the right measures, Travel & Tourism jobs could surpass 2019 levels next year London, UK – October 20, 2021 – The Caribbean’s Travel & Tourism sector is recovering at a faster rate than any other region in the world, with its contribution to GDP expected to rise more than 47% this year, compared to just 30.7% globally, reveals new research from the World Travel & Tourism Council (WTTC). WTTC, which represents the global Travel & Tourism private sector, says that the recovery of the sector globally has been hindered by the lack of international coordination, seve...
Caribbean Hotel Update: Two Markets Showing High Levels of Occupancy Recovery
STR | October 5, 2021
The summer travel season, helped by growing vaccination rates around the world, allowed Caribbean hotels to pick up steam in their road to recovery. Regardless of world region, the markets that truly stand out are those with favorable comparisons to 2019—the last “normal year” prior to the pandemic. In the Caribbean, we have been comparing 2021 vs. 2019 data for year-to-date periods to remove the effects of seasonality, which are usually substantial in the region. As of August, we saw two of 14 markets with hotel occupancy near or above the 2019 comparable. The only Caribbean market to achieve an August year-to-date occupancy leve...
2019 in the Caribbean Region: ‘Cause Every Little Thing Gonna Be Alright
Kristina M. D'Amico | September 26, 2019
By Kristina M. D'Amico Strong Year-to-Date Performance, Bolstered by ADR Increases The Caribbean islands have long been established as a popular travel destination for U.S., Canadian, and European travelers. Tourism to the islands is highly dependent upon the availability of transportation. Cruise ships and airlines are responsible for the vast majority of visitor arrivals to the islands, with air service the method of transportation for almost all of the tourists requiring overnight accommodations. Consequently, the availability and caliber of air service to the local airports has had a material influence on the level of tourism to ...
A Practical Introduction to Foreign Hotelier Investment, Management and Operation in Jamaica’s Tourism Market
Michel Morgan | April 12, 2019
By Michel Morgan With recent first quarter 2019 reports showing that Jamaica is the first Caribbean island to welcome 1 million visitors and reach approximately $800 million in foreign exchange earnings within the first 9 weeks of 2019, hospitality industry interests like real estate developers and investors can be assured that Jamaica is maintaining its status as one of the best islands for developing resorts. Indeed, back in 2017 Jamaica's Minister of Tourism, The Honorable Edmund Bartlett, confirmed a 5-year, 5 percent target growth per year goal, which would require bringing 5 million visitors to the island and earning $5 billion fr...
Caribbean Hotel Market Trending Upward According to PKF Consulting USA
PKF Consulting USA, LLC | August 15, 2013
ATLANTA, Ga., August 20, 2013 - PKF Consulting USA, LLC (PKFC), announced today that the average Caribbean hotel that participated in the survey enjoyed a 10.9 percent increase in net operating income (NOI) in 2012, according to its newly released 2013 edition of Caribbean Trends® in the Hotel Industry. This is the second year in a row that Caribbean hotels have experienced a double-digit increase in NOI and the highest annual growth in profits that Caribbean hotels have seen since 2008. "While this continued profit growth is encouraging, the Caribbean lodging market still is not back to its pre-recession levels. Recovery in the Cari...
