Market Trends for the Caribbean

Overall, The Caribbean is experiencing a remarkable rebound, and the prevailing sentiment is positive. Here are some noteworthy insights and takeaways:

• Strong Recovery in the Caribbean: The Caribbean travel and tourism sector is recovering faster than many other regions. By Q1 2023, Caribbean travel has reached pre-pandemic levels, outperforming recovery trends in the Americas, Europe, Africa & the Middle East, and Asia Pacific. ADR is strong, and demand is not demand is not slowing. In Q1 of 2023, Caribbean traffic was only down 1% versus 22% in the Americas, which compares favorably to total international traffic, which was down 31% over 2019 levels. In Q1 2023, several destinations in the Caribbean are experiencing growth compared to 2019 levels, indicating positive performance in the tourism market. While the overall Caribbean tourism market is strong, performance varies among different jurisdictions within the region.

• Heightened Desire for Leisure Travel: The desire for leisure travel has soared significantly. In the post-COVID era, there is a widespread craving for travel and immersive experiences, with the Caribbean emerging as an ideal destination to fulfill those desires.

• Arrivals from Latin America Market Growing: Arrivals from Latin America to the Caribbean have experienced substantial growth since 2019, driven by improved connectivity, presenting a valuable opportunity for the Caribbean tourism industry to tap into a larger customer base and cater to the evolving preferences of these travellers.

• Shifting Consumer Behaviors Driving New Growth Opportunities: Consumers, more than ever, are looking for travel and authentic experiences, creating new opportunities for segments such as Health and Wellness, Luxury and Lifestyle and Event Tourism. Luxury and lifestyle sectors are leading in growth in growth. The wellness segment is projected to be worth $2.1 trillion by 2030, according to Carolyne Doyon, President & CEO, North American and Caribbean, Club Med.

• The Blending of Everything in Travel: An emerging trend in the tourism industry is the blending of leisure and business travel. Nowadays, there is a growing overlap between personal or family trips and work-related trips, creating a unique fusion of travel experiences.

• Opportunities in All-Inclusive: In discussions about development trends, one prevalent topic that emerged was the abundance of opportunities in the all-inclusive sector. Isabel de Claires, Director, Investment Banking, CIBC FirstCaribbean, spoke of the large number of all-inclusive properties in their pipeline.

• Community-Focus Emphasis: The region has a unique chance to highlight its rich diversity by placing a strong emphasis on community-focused development and hospitality. This emphasis on localisation and community-oriented leisure experiences will differentiate luxury hotels in these resort markets. Karolin Troubetzkoy, Executive Director of Marketing and Operations at Anse Chastanet and Jade Mountain Resorts, recipient of the prestigious CHRIS Lifetime Achievement Award, emphasized the opportunities to go beyond the conventional “sun, sand, and sea” offering and provide guests with exceptional community and resort experiences.

CHRIS Development of the Year Award

The Rock House in Providenciales, Turks and Caicos, a remarkable undertaking by Grace Bay Resorts, has been honoured with the prestigious CHRIS Development of the Year Award. Opening May 1, 2022, this luxury resort and residential development span a sprawling 14-acre oceanfront location, boasting an impressive 600 feet of frontage and majestic peaks reaching up to 95 feet above sea level. The Rock House comprises a collection of 46 guest rooms.

BCQS International takes great pride in its ongoing and substantial contributions to this extraordinary development. They are committed to providing comprehensive cost and project management services throughout all phases, playing a crucial role in helping to deliver the project successfully and ensuring its continued success.

BCQS At CHRIS

During the conference, the BCQS team participated in panels and presentations, contributing valuable insights on construction costs and market trends in the Caribbean, engaging in discussions with hotel industry leaders to share expertise and perspectives, and addressing building challenges related to costs, supply chain, and disaster preparedness.

Presentations and Sessions with BCQS Experts:

1. Construction Costs & Market Trends in The Caribbean
Presented by Sanjay Amin, Director

Download the 2022-23 Caribbean & Latin America Market Trend Report here >

2. Views From the Boardroom – Round Two
Moderated by Liam Day, Managing Director

Panelists:
– Janelle Hopkin, President & Managing Director, Spice Island Beach Resort
– Gebhard Rainer, CEO, Sandals Resorts International
– Gustavo Martin Viescas, President, LATAMC, Wyndham Hotels & Resorts

3. Development – Tackling Building Challenges: Costs, Supply Chain, & Disasters
Moderated by Simon Taylor, Director

Panelists:
– Gene Budler, Managing Director, Dick Construction & Management Company
– Keith Hayman, Business Development – Major Claim Specialist, Adjusters International
– Juan Mosseri, Sales Manager, Caribbean, E-Finity
– Emilio Pérez, Senior Continent Leader, Global Design, Marriott International
– Maurizio Piedra, Development Manager – Latin America & Caribbean, IHG Hotels & Resorts