02 Sep BCQS Team Attends CHRIS
BCQS recently attended CHRIS, one of the leading and most noteworthy hotel investment conferences for the Caribbean. Over two days, the BCQS team had the opportunity to network and connect with industry professionals from around the region. CHRIS was the first in-person event for the BCQS team since the start of the COVID-19 pandemic.
“Attending the in-person conference was a valuable experience, says Ben Butler, Director for BCQS, continuing, discussions with industry professionals were very positive, and the outlook for the region is very optimistic – the Caribbean is still the place to develop!”
Some key takeaways from the event include:
- The Caribbean hospitality sector is in great shape despite the enormous challenges presented by the COVID-19 global pandemic. Many of the islands open for business are seeing record numbers of guests, and in several of these markets, particularly in the luxury segment, the average daily rates are higher than those achieved in 2019.
- Hotel performance data for 2021 strongly evidences that the Caribbean is experiencing a pace of recovery far swifter than that seen during previous economic downturns. Following events such as 9/11, SARS virus and the GFC, the hospitality sector experienced prolonged period of recession and recovery. As we move forward and out of the pandemic, there is significant pent-up demand for Caribbean travel which will quickly translate into a positive growth in all industry KPI’s.
- There remains a substantial appetite from both investors and brands to increase their presence within the Caribbean region. Luxury hotel developments, continue to represent the primary target area of growth for these investors, however supply constraints of viable opportunities pose the greatest challenge in fulfilling such expansion objectives.
- Following the COVID pandemic, consumer behavior and expectations have shifted more than ever towards the necessity for practical remote living and working environments. Therefore, continued integration of developing technologies within both hotel operations and their residential communities is pivotal to the longevity and progression of the luxury sector.
BCQS’ Liam Day and Rosie Nicholls had the opportunity to moderate lively panel discussions at the event.
Session: Boardroom Outlook: Views from the Region
An informative session with positive discussions about the Caribbean hotel industries current market conditions and what is shaping the future in 2022 and beyond.
Liam J. Day, Managing Director, BCQS International
Carolyne Doyon, President and CEO, Club Med
Jorge Giannattasio, SVP Operations, Latin American & Caribbean, Hilton
Scott B. LePage, President, Americas, Wyndham Hotels & Resorts
Craig S. Smith, Group President, International Division, Marriott International
Session: Segments & Brands: Luxury Hotels
A lively and informative discussion on the luxury hotel segment, including changes and trends in the sector, what makes a luxury product, how it stacks up operationally, potential areas of growth and the importance of branding, and its impact on operations design.
Rosie Nicholls, Director & Head of Valuations, BCQS International
Rich Cortese, SVP of Development and Operations, Caribbean, Aimbridge Hospitality
Dale Hipsh, Senior Vice President of Hotels, Hard Rock International
Giovanni Medina, Senior Hospitality Designer, OBMI Architecture