Increased Tourism Weighs on Cuba

    Cuba’s tourism industry is struggling to keep up as a record number of visitors from around the globe are flocking to the Caribbean island. International buzz ignited after the United States and Cuba agreed to restore diplomatic relations, with many travelers clamoring to see the country ahead of the U.S. tourism surge. Cuba welcomed a record 3.52 million visitors last year, a 17.4 percent increase from 2014, according to Reuters. While American travel to Cuba is still restricted to visitors who fall into one of 12 categories, including those on religious, sporting, or educational exchanges, American visits in 2015 managed to rise 77 percent to 161,000, Reuters reports. To further facilitate travel, the United States today announced changes to its sanctions on Cuba, lifting export payment and financing restrictions and facilitating airline travel. Many of the island’s 63,000 hotel rooms are already booked through 2016. Cuba is looking for foreign investment to meet growing demand, with plans to reach 85,000 rooms by 2020. To learn more, click here.

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