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Caribbean Hotel Development is Coming Back

Caribbean Hotel Development is Coming Back

Although the Caribbean is still not experiencing pre-recession levels of growth in the hotel industry, the region has seen a recent uptick in partially built properties revving up construction again as new developers with new sources of financing come to the table. According to Smith Travel Research’s June 2013 Construction Report the Caribbean has 17,932 rooms either slated for development or already under construction. “The growth in supply is due to a lot to properties that started planning and construction prior to the recession,” says Scott Smith, senior vice president for PFK in Atlanta. “And all of a sudden, now they are able to get financing to complete those projects.” Perhaps the biggest project is Baha Mar, which started its development before the recession began and will feature more than 2,200 rooms. “There are a lot of other new projects that are proposed that really don’t have the financing yet,” Smith says. “But I would say the majority—if not all the projects—were pre-recession properties that were halfway under construction.” The funding, according to Smith, is coming from new developers with new sources of finances. A lot of the projects that were left unfinished were a result of the Lehman Brothers ...

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