19 May BCQS Team Attends CHRIS Conference 2022
The BCQS team recently attended the CHRIS Conference at Seminole Hard Rock Hotel & Casino in Hollywood, Florida, from 16-17th May 2022. CHRIS is one of the leading and most noteworthy hotel investment conferences for the Caribbean.
Over two days, the BCQS team had the opportunity to network, connect, and hear valuable insights from the region’s hospitality industry experts.
Key insights from the event include:
- The Caribbean tourism market has proved resilient and has outperformed other global tourist destinations such as Europe and Asia.
- The Caribbean hospitality sector is back in business, and profit levels, in most segments are higher than the records set in 2019.
- The recovery of the Caribbean tourism market, whilst strong, varies amongst the different Caribbean jurisdictions, which is related to COVID-19 protocols for each jurisdiction.
- Certain operators are very optimistic about sustained growth in the Caribbean. Whilst they are reporting results higher than the records set in 2019, they have not seen specific markets return to their properties due to COVID-19 restrictions, such as Canadian, European and Asian markets, which should further boost their profitability.
- The pipeline of new projects is extremely healthy and bodes well for the hospitality sector’s medium to long-term future.
- For continued growth in the tourism industry within the Caribbean, there is a focused shift toward offering the best guest experience from arrival to departure, elevating the guests’ stay and providing a feeling of value for money with the increased rates/resort charges etc.
- There is still a focus on incorporating sustainability into new builds, renovations, and daily operations of a hotel and resort. When deciding where to stay, guests/customers are now looking for this.
- Both traditional and non-traditional lenders are very bullish about the Caribbean and happy to finance both purchases of existing operating assets and ground up developments.
- Branded residential real estate is very much back in favour, and demand is at a record high. It is generally believed that real estate is now the investment of choice given current market volatility and inflationary pressures.
BCQS’ Liam Day and Rosie Nicholls had the opportunity to moderate lively and informative panel discussions at the event.
Session: The Evolving Business Model & What it Means for the Future
Liam J. Day, Managing Director, BCQS International
Javier Coll, Group President, Global Business Development, Apple Leisure Group
Jorge Giannattasio, SVP, Head of Caribbean & Latin America Ops, Hilton
Eileen Kett, Senior VP Development and General Counsel, Club Med
Session: Opportunities: Consumer Demand
Rosie Nicholls, Director & Head of Valuation, BCQS Limited
Enrique Calderon Fernandez, Vice President, Hotel Operations, Grupo Posadas
Max Eidelman, Vice President, Feasibility, Hard Rock International
Rob Mentnech, Managing Director U.S. & Caribbean, Best Western Hotel Group
Diana Plazas-Trowbridge, CSMO Caribbean & Latin America, Marriott International