Investments in the tourism sector must consider innovation and resiliency if the sector is to be a sustainable and profitable ecosystem.
Minister in the Ministry of Economic Affairs and Investment, Senator Chad Blackman, made this point during his remarks at the opening ceremony of the Caribbean Hotel Investment Conference and Operations Summit (CHICOS), on Thursday at the Wyndham Grand Barbados, Sam Lord’s Castle.
Senator Blackman noted that the CHICOS was being held at a critical and timely juncture for the Caribbean tourism sector and proffered that it had a critical role to play in helping the Caribbean develop a sustainable tourism ecosystem in the face of the many challenges that confront the region, including the climate crisis.
“CHICOS has a strategic role to play, in not only being the high-level summit that you are but also that voice and partner for reimagining the regional industry in a way that lends to the building of an ecosystem that is robust enough to confront challenges head on…. All of you have a stake in ensuring that as we bring critical investment to the Caribbean space of the hospitality sector, that yes, we build out the traditional infrastructure as we know it, but that we do so in a way that builds resilience.
“And therefore, conversations at the regional level, in my view, also have to take place with our academic institutions, so that as our young engineers and architects are coming out of the institutions, they’re also being mindful of the need to not just create aesthetically beautiful bits of infrastructure, but infrastructure that can be resilient in a way that can ensure that your return on investment is sound, and therefore I call for a wide regional ecosystem approach. And who better to do it, in my view, than CHICOS, given your standing in the sector, partnering of course, with the Caribbean Tourism Organization,” the Senator stated.
He stressed that Government is committed to building resiliency and creating avenues for investment, given that the industry not only is the “bread and butter of this region”, but one that represents a catalyst for further growth and development.
“The Government of Barbados is committed to further creating an environment that attracts investment into the tourism sector, through legislation, incentives, ease of doing business, and of course is buttressed by the overall value added of the Barbados brand, including its position as an international business centre, and its position as an international transport hub, with excellent connectivity out of North America, Europe, the Caribbean, Latin America, and, very shortly, the African and Arab Markets,” Mr. Blackman disclosed.
Chairman of CHICOS, Parris Jordan, thanked the team and the Government of Barbados for helping to put together a “compelling” conference, noting that the content being shared was carefully crafted to enable attendees to walk away with a better understanding of how best to invest in the industry.
“The content that comes out of the advisory board meeting which we do once a year. We discuss everything that’s taking place in the market, what are the pertinent issues, and we try to keep the discussions, the panels and the presentations very current, so that you, the attendees, can walk away understanding the trends that are current to help you make better investment opportunities,” Mr. Jordan outlined.
The CHICOS Chairman highlighted that the Caribbean market continues to perform well.
“The Caribbean market continues to perform very strongly; in fact, we’re seeing record numbers in all of the operating metrics. We’ve been hearing about a recession for years, we haven’t really seen that! … So, we’re seeing record numbers in Revenue Per Available Room (RevPAR) loads, Average Daily Rate (ADR), occupancy, demand and visitation, which bodes very well for the market and because of that, we’re seeing great investor interest into the region,” the Chairman reported.
The 2024 CHICOS, themed: “Riding the Wave”, concludes on Friday.