CHTA: Associations can unlock benefits for investors and owners

Nicola Madden-Greig, president of the Caribbean Hotel and Tourism Association (CHTA), called on investors and tourism at the Caribbean Hotel and Resort Investment Summit (CHRIS) in Miami this week. decision makers reap the benefits of partnership and collaboration by joining hospitality trade associations, which are key to the success of the tourism industry.

Against the backdrop of an upbeat economic forecast, Madden-Greig highlighted the significant potential of tourism in the Caribbean. He cited the World Travel and Tourism Council's latest Caribbean report, which predicts that by 2032, tourism in the Caribbean has the potential to generate around US$96.6 billion in revenue and create approximately 1.3 million new jobs, which represents substantial growth compared to the figures for 2022.

Recognizing the challenges facing the industry, he stressed the importance of addressing key areas such as air connectivity, technology investments, crisis preparedness, environmental protection, effective collaboration, coordination and partnerships between industry and industry stakeholders. government.

Contrary to initial expectations, the Caribbean has shown remarkable resilience and is recovering faster than anticipated. Madden-Greig shared data indicating that the Caribbean is one of the fastest growing destinations in the world. While international traffic remains down at 31 percent, Caribbean destinations are just under one percent of 2019 visitor numbers, indicating a promising trajectory of recovery and growth.

The respected Jamaican hotelier emphasized the critical role of the private sector in leading the recovery and growth of the Caribbean tourism industry, with the CHTA and national hotel and tourism associations supporting investors and owners, and facilitating dialogue with governments. , multilateral agencies and other public sector bodies.

Underlining the Caribbean's resilience, growth potential and the collaborative efforts needed to ensure a prosperous and sustainable tourism industry, he noted that the region is moving in the right direction. “The Caribbean is definitely past the recovery and is growing. We are a very diverse and dynamic region. We are in demand. There are plenty of opportunities,” he noted, admitting that recovery and growth are uneven, with some destinations recovering faster than others.

The CHTA leader noted that segments such as health and wellness, sustainable tourism and events present new opportunities, noting that effective tourism linkages would have a positive impact on the broader economy. “Tourism is the engine of our Caribbean economies, so it is important that we see that spending is not only in the hotel and attractions sector, but permeates the entire economy and goes to agriculture, manufacturing and industries. creative," he said.

Madden-Greig also addressed the significant entry of major international brands into the Caribbean all-inclusive tourism segment, shedding light on consumer trends with CHTA/Mastercard data. The data revealed that consumers in the Dominican Republic and Jamaica, in particular, are actively seeking authentic experiences and contributing to the local economy. Their preferences lean toward supporting local shops, exploring local restaurants, enjoying local entertainment, and using local transportation services. In particular, both the Dominican Republic and Jamaica, being prominent all-inclusive destinations,

He stressed the critical strategic importance of ties for any brand or investor looking to establish a strong presence in the Caribbean. Recognizing the importance of these links, he highlighted how they contribute to the prosperity of the region's nationals. By fostering these connections, locals are empowered to become exceptional hosts and hostesses, ultimately enhancing the authenticity of the experiences offered to visitors who choose to explore the Caribbean.

His presentation showcased several Caribbean destinations experiencing double-digit growth, including CHTA's strategic partner, the US Virgin Islands, as well as St. Maarten, Guadeloupe and Martinique. He highlighted Aruba's notable progress in restoring seating capacity and recording increased revenue from tourism and cruise ship visits.

The CHTA leader highlighted Latin America as an important source of growth for the Caribbean, with Panama being a growing center for countries such as Ecuador, Peru, Colombia, Mexico and Argentina that contribute to the increase in visits.

Looking ahead, Madden-Greig also presented data from STR's project report, which indicates more than 340 projects slated for the region. The CHTA/ForwardKeys Caribbean Outlook data released also showed the region is expected to post more than four percent growth over pre-pandemic visitor levels this spring, and see growth of more than 10 percent this spring. summer. Cruise ship visits are also projected to surpass pre-pandemic levels this year, with an estimated 30-33 million cruise ship visits anticipated.

Madden-Greig underscored the Caribbean's vulnerability to climate change and stressed the need for sustainable travel practices and stakeholder collaboration to address the region's environmental challenges.

About the Caribbean Hotel and Tourism Association (CHTA)

The Caribbean Hotel and Tourism Association (CHTA) is the leading association in the Caribbean representing the interests of national hotel and tourism associations. For more than 60 years, CHTA has been the backbone of the Caribbean hospitality industry. Working with some 1,000 hotel and allied members, and 33 National Hotel Associations, CHTA is shaping the future of the Caribbean and helping members grow their businesses. Whether helping navigate critical issues in sales and marketing, sustainability, regulatory issues, emerging technologies, climate change, data and intelligence, or finding ways and ideas to better market and run businesses, CHTA is helping members on the issues that matter most.