Capital is Available and South American Visitors Boosting Caribbean Tourism
PHOTO CAPTION: (from left to right): Paulo Pena, President Latin America and Caribbean, Wyndham Hotel Group; Dave Callaghan, Vice President, Interval International; Parris Jordan, Managing Director HVS Caribbean and Chairman CHICOS; Kenny Blatt, Principal and COO, CPG Real Estate; Honorable Minister Richard Sealy, Chairman, Caribbean Tourism Organization and Minister of Tourism Barbados; David Larone, Director, PKF Consulting.
Parris Jordan, Chairman of CHICOS 2014, shares that with regard to hotel investments, the future of Caribbean financing is in alternative sources of capital. The region is also experiencing increased visitation numbers from South America.
“The Caribbean remains a positive market, as far as hotel performance is concerned – and it will be for some time to come,” says Mr. Parris E. Jordan, Chairman, Caribbean Hotel Investment Conference & Operations Summit (CHICOS) and Managing Director of HVS’s operations in the Caribbean. “If you’re a hotelier in the Caribbean, things are good…very good.”
Approximately 300 delegates gathered at the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) 2014, held last week at the Hard Rock Hotel & Casino in Punta Cana, Dominican Republic. Recognized as the leading venue for the hospitality industry in the region, CHICOS is known throughout the hotel investment world as the place where deals get done. This is the must-attend event for anyone with interest in hospitality in the Caribbean region.
“Visitor arrivals to the region continue to increase,” Jordan adds. “Hotel operating performance is healthy and strong, particularly average daily rates and revenue per available room (RevPAR). It will surpass the prior peak of 2007 by the end of this year. And the percentage of RevPAR growth, year-to-date 2014, is surpassing even what we’re witnessing in the United States.”
With regard to hotel investments, Jordan goes on to share that the future of Caribbean financing is in alternative sources of capital, as opposed to traditional debt sources. “The banks and lenders who were active in the prior cycle are not active now, but capital is available and we can assist developers in finding these sources.”
Many of the speakers commented on the notable and increasingly active feeder markets to the Caribbean region from South America.
CHICOS 2014 featured numerous panel discussions composed of prominent executives in the industry. Participants included Kenny Blatt, Principal and COO, CPG Real Estate; Nicholas Hecker, Principal, Och Ziff Real Estate; Honorable Minister Sealy, Chairman of Caribbean Tourism Organization and Minister of Tourism for Barbados; Adam Rosenberg, Global Head of Gaming and Leisure, Fortress Investment Group- Credit Funds; Hugh Riley, CEO, Caribbean Tourism Organization; Roland Mouly, VP Development, Latin America, Mexico & Caribbean, Carlson Rezidor Hotel Group; Doug Kulig, CEO, OBM International; Patrick Freeman, President, Cisneros Real Estate; Alinio Azevedo, Director of Development, Four Seasons Hotels and Resorts; Denis Ebrill, EVP Product Development North America, Melia Hotels International; Rafael Blanco, EVP, Viva Resorts; among many others.
In addition to the event organizers, CHICOS was sponsored by: Host Patrons Dominican Republic Export & Investment Center and Hard Rock International; Patron Sponsors Interval International and MasterCard; Platinum Sponsors KPMG, Lifestyle Holidays Vacation Club, Marriott International, Choice Hotels International, JetBlue and OBM International (OBMI); Silver Sponsors Carlson Rezidor Hotel Group, BCQS, Melia Hotels International, Apple Leisure Group, K&L Gates, PKF, Starwood Hotels and Resorts, BanReservas, Rider Levett Bucknall; Cisneros Real Estate, Banco Popular; and Media and Education Partners Hotel Executive.com, HotelNewsNow.com, STR and Florida International University.
CHICOS 2015 location and dates are to be announced shortly. Photography and video footage of CHICOS 2014 are available upon request. For more information about CHICOS, visit www.hvschicos.com