Cuba is experiencing tremendous projections for growth in hotel development, real estate, and tourism as we lead into 2017.
Tourism continues to grow in Cuba at surprising levels. Since December 2014, the country’s tourist arrival rate rose 7%, a notable percentage for a two-year period of growth. As of December 30, 2016, Cuba reached 4 million tourist arrivals, an increase of 13% compared with 2015. Tourism has become the second-largest generator of income in the country, behind that of professional services, reaching US$2.8 billion in 2016.
Looking at projections for hotel development, 108,000 new rooms will be added by 2030, with an average of 8,000 rooms added per year over the next 14 years. Key hotel groups supplying this growth are Grupo Gaviota, Gran Caribe, Cubanacan and Isla Azul groups. Additionally, the Cuba Golf group, will add hotels, real estate, golf courses and other amenities. And prior to its acquisition by Marriott International, Starwood Hotels & Resorts had agreed to operate the Four Points Miramar of the Gaviota group, which opened in June.
Various airline operators are increasing flight routes to Cuba: American, JetBlue and Delta. Newcomers include Austrian Airlines, Pegas, Virgin Atlantic, Itaca, Turkish and Eurowings, which plan to establish flights this year.
There is an enormous variety of opportunities for investors, banks, investment funds, developers, architects, designers, construction companies, logistics companies, and machinery and equipment firms.
Arturo Garcia Rosa is president and founder of SAHIC Latin America Conferences, including SAHIC South America and SAHIC Cuba. The inaugural SAHIC Cuba will be held in Havana May 15-16.