NASSAU, BAHAMAS, October 20, 2021: As the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) approaches, the HVS team is looking forward to an exciting, informative event. CHICOS is scheduled for November 10–12, 2021, at the Grand Hyatt Baha Mar in Nassau, Bahamas.
“Despite the numerous challenges and setbacks presented by COVID-19, the Caribbean market continues to demonstrate resiliency, as the market has benefited from pent-up demand and various island destinations within the region are experiencing growth,” shares Mr. Parris E. Jordan, Chairman of CHICOS.
Each time the region is faced with a challenge, the market has proved its resiliency; however, the challenge presented by the COVID-19 pandemic is unlike any challenge faced before. While the impact has been significant, there are positive signs that a recovery is underway. If the worse of this pandemic has passed, the Caribbean lodging market is positioned to perform well. Some of the positive signs include the notable increases in demand experienced this year as travel restrictions have loosened a bit. In addition, average daily rates have grown every month from May 2021 through September 2021 compared to the corresponding period from 2019, which was the peak of the market. Moreover, the leisure segment continues to drive the recovery, ahead of other market segments, which bodes well for the Caribbean’s recovery.
There are, of course, still many challenges ahead. Specifically, there is still confusion for many visitors as to the requirements to enter a specific country within the region, and greater clarity will help improve the momentum of the recovery. Moreover, supply chain issues present challenges for development deals, and some of the existing hotels require renovations following the downturn and lack of capital expenditures and improvements. In order to remain competitive with the newer and refreshed properties, a significant number of properties will be forced to renovate; furthermore, while ownership at some properties continues to struggle with the allocation of funds in this challenging environment, the brands will demand the capital improvements in order for some of these properties to remain branded.
However, despite the challenges, there is a lot of capital that continues to show interest in the region. Many investors were hoping for an avalanche of deals where properties would be available at deep discounts. That opportunity did not occur, and some experts believe that it could still happen soon, while others do not. The goal of the CHICOS event is to continue to educate the conference attendees, including hospitality developers and investors, regarding the current Caribbean hospitality investment landscape so that they can make informed investment decisions.
Based on the current market situation, discussion panels and workshops at CHICOS 2021 will also examine key subjects affecting the investment climate in the Caribbean, including available capital, financing of new projects, continued growth and expansion of the all-inclusive market, and new market opportunities for both the first-time and seasoned developers who are interested in pursuing deals in the region. In addition to the Leaders panels, CHICOS will feature one-on-one interviews with various leaders in different sectors of hospitality. The interviews will focus on how these leaders have been dealing with the pandemic, how they adapted, and their plans for the future. The scheduled speakers represent the perspectives of government, ownership, development, and operations.
“The conference is presenting the opportunity to help with the reactivation of the Caribbean lodging market,” adds Jordan. “It is a period of recovery and rejuvenation with renewed interest in both travel and investments.”
CHICOS 2021 Speakers:
“Despite the numerous challenges and setbacks presented by COVID-19, the Caribbean market continues to demonstrate resiliency, as the market has benefited from pent-up demand and various island destinations within the region are experiencing growth,” shares Mr. Parris E. Jordan, Chairman of CHICOS.
Each time the region is faced with a challenge, the market has proved its resiliency; however, the challenge presented by the COVID-19 pandemic is unlike any challenge faced before. While the impact has been significant, there are positive signs that a recovery is underway. If the worse of this pandemic has passed, the Caribbean lodging market is positioned to perform well. Some of the positive signs include the notable increases in demand experienced this year as travel restrictions have loosened a bit. In addition, average daily rates have grown every month from May 2021 through September 2021 compared to the corresponding period from 2019, which was the peak of the market. Moreover, the leisure segment continues to drive the recovery, ahead of other market segments, which bodes well for the Caribbean’s recovery.
There are, of course, still many challenges ahead. Specifically, there is still confusion for many visitors as to the requirements to enter a specific country within the region, and greater clarity will help improve the momentum of the recovery. Moreover, supply chain issues present challenges for development deals, and some of the existing hotels require renovations following the downturn and lack of capital expenditures and improvements. In order to remain competitive with the newer and refreshed properties, a significant number of properties will be forced to renovate; furthermore, while ownership at some properties continues to struggle with the allocation of funds in this challenging environment, the brands will demand the capital improvements in order for some of these properties to remain branded.
However, despite the challenges, there is a lot of capital that continues to show interest in the region. Many investors were hoping for an avalanche of deals where properties would be available at deep discounts. That opportunity did not occur, and some experts believe that it could still happen soon, while others do not. The goal of the CHICOS event is to continue to educate the conference attendees, including hospitality developers and investors, regarding the current Caribbean hospitality investment landscape so that they can make informed investment decisions.
Based on the current market situation, discussion panels and workshops at CHICOS 2021 will also examine key subjects affecting the investment climate in the Caribbean, including available capital, financing of new projects, continued growth and expansion of the all-inclusive market, and new market opportunities for both the first-time and seasoned developers who are interested in pursuing deals in the region. In addition to the Leaders panels, CHICOS will feature one-on-one interviews with various leaders in different sectors of hospitality. The interviews will focus on how these leaders have been dealing with the pandemic, how they adapted, and their plans for the future. The scheduled speakers represent the perspectives of government, ownership, development, and operations.
“The conference is presenting the opportunity to help with the reactivation of the Caribbean lodging market,” adds Jordan. “It is a period of recovery and rejuvenation with renewed interest in both travel and investments.”
CHICOS 2021 Speakers:
- The Prime Minister and Minister of Finance Hon. Philip E. Davis, Q.C. M.P. – Government of the Bahamas
- The Deputy Prime Minister Hon. I. Chester Cooper, Minister of Tourism, Investments & Aviation – Government of the Bahamas
- Hon. Dr Ernest Hilaire, Minister for Tourism, Investment, Creative Industries, Culture, and Information – Saint Lucia
- Joseph Boschulte, Commissioner of Tourism – U.S. Virgin Islands
- José Carlos Azcárraga, Chief Executive Officer – Grupo Posadas
- Alex Zozaya, Executive Chairman – Apple Leisure Group
- Scott LePage, President, Americas – Wyndham Hotels & Resorts
- Fernando Mulet, Chief Development Officer and EVP – Playa Hotels & Resorts
- Andro Nodarse-León, Founder and CEO – LionGrove
- Patrick Freeman, President – Cisneros Real Estate
- Graeme Davis, President – Baha Mar