This latest market report on the Caribbean, combines fascinating insights on the unique geographic and administrative composition, historical and current industry performance, major trends, stakeholders and mid-term expectations.
STR's hotel pipeline data for the Caribbean/Mexico region showed 155 projects accounting for 31,968 rooms in construction as of July 2019. This represented a 33.9% year-over-year jump in the number of rooms in the final phase of the development pipeline.
Spurred on by a 24 percent rise in arrivals from the United States, the Caribbean recorded a healthy 12 percent increase in tourist arrivals during the first quarter of 2019, according to statistics compiled by the Caribbean Tourism Organization (CTO).
After a tempestuous 2017, the Caribbean was virtually untouched by natural disasters and cyclones in 2018. Under such balmy and sun-filled skies, this sub-region has prospered (with 15 of 24 destinations recording growth in arrivals, according to CTO) and many islands recorded positive RevPAR growth.
STR's pipeline data for the Caribbean/Mexico region showed 131 hotel projects accounting for 29,187 rooms in construction as of April 2019. This represented a 30.7% year-over-year jump in the number of rooms in the final phase of the development pipeline.
Overview: With a strong performance during the last four months of 2018, including a robust showing by countries impacted by the 2017 hurricanes, the evidence suggests that Caribbean tourism is on the upswing.
The Caribbean/Mexico room construction total represented a 16.5% increase compared with January 2018.
The Caribbean hotel industry reported lower occupancy, but record-breaking average daily rate (ADR) during 2018, according to data from STR. Compared with 2017:
Located below is our latest infographic for Caribbean/Mexico hotel supply development. Click on the image should you need to download a high-resolution version. Additionally, we are more than happy to help if you would like to receive pipeline figures for other markets.
The Caribbean/Mexico room construction total represented a 41.5% increase compared with April 2017.