October 28, 2014: Recently speaking with business and economic reporters in the Dominican Republic, Mr. Parris E. Jordan, Chairman of the Caribbean Hotel Investment Conference and Operations Summit (CHICOS) shared his analyses and observations of the state of hospitality development and investment in the region."Hospitality and tourism is the most important sector for our region, generating more than $20 billion a year,” Jordan shares, "and while the hotel performance continues to strengthen, the market has not yet returned to pre-recessionary levels in terms of average rate."
"Visitor arrivals to the Caribbean have increased every year since 2010, and Caribbean-wide average daily rate increased every year since 2011, yet financing for ground-up construction is still difficult to attain."
"Caribbean-wide RevPAR (revenue per available room) has also increased every year since 2011, driven mainly by increases in average rate in 2013 and year to date 2014, but banks are being very cautious to return to the market and are much more selective with 'sponsors'."
Jordan continues that because the region is a more mature market, and because of the lack of availability of financing, there is less new supply entering the Caribbean. “Developers need to get more creative.”
The fourth edition of the Conference, will be held November 13-14, 2014 at the Hard Rock Hotel and Casino in Punta Cana, Dominican Republic. The CHICOS 2014 agenda is now available on line at www.hvschicos.com/agenda and CHICOS organizers are certain this year’s participants, speakers and panelists are sure to motivate those interested in development in the region. Several panels are dedicated solely to addressing creative ways to secure and attain financing.
Staged by HVS, the Caribbean Hotel & Tourism Association (CHTA) and the Caribbean Tourism Organization (CTO), CHICOS brings together more than 300 regional and international investors and operators as well as the region’s leading decision makers. CHICOS 2014 will have delegates and speakers from governmental representatives, opinion leaders, developers, bankers and other lenders, tourism officials, investment funds, hotel chain executives, individuals/companies seeking investors for their tourism projects, franchise and operations companies, public and private institutions, consultants, advisors, architects and designers – all to discuss the region’s markets and possibilities.
Registration for CHICOS is US $1,200 per person (by Oct. 31 and US $1,350 after) and is available at www.hvschicos.com. For CHICOS preferred hotel rates, contact the Hard Rock Hotel at 1-877-601-0935.
Leora Halpern Lanz
HVS is the world’s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries. Established in 1980, the company performs 4500+ assignments each year for hotel and real estate owners, operators, and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of more than 30 offices and 450 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. HVS.com
Superior Results Through Unrivalled Hospitality Intelligence. Everywhere.About CHTA
The Caribbean Hotel & Tourism Association (CHTA) facilitates the full potential of the Caribbean hotel and tourism industry by serving members’ needs and building partnerships in a socially responsible and sustainable manner. CHTA is the voice of the Caribbean hospitality industry for the development of the region in the highly competitive and sophisticated environment of international tourism. Today, tourism is widely recognized as a pivotal industry in the economy of the region – and CHTA functions as the common denominator for this industry in a region of diverse nationalities, languages and styles, identifying mutual problems and marshaling the resources of the active and allied members to devise solutions. CHTA represents all facets of the hospitality industry with more than 600 member hotels and over 300 allied members. CHTA, including the events staged by the association, is supported by Strategic Partners MasterCard, Interval International, OBM International, HVS, Tambourine and TravelZoo. www.caribbeanhotelandtourism.com.
The Caribbean Tourism Organization (CTO), with the headquarters in Barbados and marketing operations in New York and London, is the Caribbean’s tourism development agency and comprises membership of over 30 governments and a myriad of private sector entities. The CTO’s mission is to provide to and through its members, the services and information needed for the development of sustainable tourism for the economic and social benefit of the Caribbean people. The organization provides specialized support and technical assistance to member countries in the areas of marketing, human resource development, research and statistics, information technology, advocacy and sustainable tourism development. The CTO disseminates information on behalf of its member governments to consumers and the travel trade. www.onecaribbean.org.