In 2016, Caribbean Tourism fared well and industry stakeholders are generally upbeat about the year ahead in 2017.
Announcing the results of the second annual Caribbean Hotel and Tourism Association (CHTA) Industry Performance and Outlook Study, Director General and CEO of CHTA, Frank Comito stated, “More than four out of five (81%) hoteliers have an encouraging outlook for tourism in 2017.”
Comito explained that the survey conducted by CHTA was undertaken in order to assist the organisation in gaining a better understanding of the state of the tourism economy, its outlook and the degree to which a number of factors impact or may affect the tourism industry.
Administered during the first two weeks of this year, the survey polled a representative sampling of hotels throughout the Caribbean of varying sizes and categories. They also evaluated their 2016 performance and 2017 expectations for factors in areas such as employment levels, revenue, profits, capital spending, room occupancy and rates, each forming the basis for assessing the state of the tourism economy.
Despite unanticipated factors, the profitability picture improved over the previous year, with 78% of respondents reporting a net profit in 2016. Looking ahead, in 2017 more than two-thirds (67%) anticipate an increase in revenue and 56% expect a slight improvement in profits.
About 55% of hotels also increased capital expenditures in 2016, with a quarter of those investing more than 10% over what they did in 2015. “This is a positive sign and an indication of long-term confidence by Caribbean hoteliers in the industry,” added Comito.