The economies of the Caribbean region are returning to pre-pandemic growth levels, and CIBC Caribbean attributes this recovery as a key factor in its robust performance for the first half of its financial year. The Barbados-headquartered regional financial institution recently released its unaudited consolidated statement of comprehensive income for the six months ending April 30. The financial report...
The allure of Caribbean real estate extends far beyond its stunning vistas and vibrant cultures; it presents a lucrative opportunity for investors. Investing in Caribbean properties, especially in nations offering citizenship by investment (CBI) programs, can yield substantial rewards. Navigating the Investment Journey Here’s a detailed roadmap for investing in Caribbean real...
Sports play a crucial role in Barbados' tourism industry, according to Kamal Springer, Sports Manager at the Barbados Tourism Marketing Inc (BTMI). Speaking to pupils at Eagle Hall Primary School during their Male Week initiative, Springer emphasized the significant economic impact of sports tourism on the island. Under the theme "Today’s Boys, Tomorrow’s Tourism Stars," Springer encouraged...
A transformative $2 billion project named Esencia is set to redefine the Caribbean hospitality landscape, positioning Puerto Rico as a premier luxury destination. This ambitious venture, led by British billionaire brothers David and Simon Reuben, in collaboration with Roberto Ruiz and Will Bennett of Three Rules Capital, aims to inject vitality into the region's economy and tourism sector. Situated in...
Access Bank, a leading Nigerian multinational commercial bank, is poised to establish a presence in the Caribbean, aiming to improve local access to financial services while expanding digital offerings. Aigboje Imoukhuede, Chairman of Access Holdings headquartered in Lagos, revealed these intentions at the recent African Export-Import Bank (Afreximbank) Annual Meetings held in The Bahamas. He highlighted...
After an eight-year wait, construction of a new Hyatt Hotel is set to commence this year, with its opening slated for 2026. This development is part of a significant US$100 million ($200 million) financing agreement that prominent businessman Mark Maloney has arranged with the African Export-Import Bank (Afreximbank). Out of the total, US$90 million ($180 million) is allocated for building the hotel,...
Key consumer trends transforming the Caribbean hospitality landscape include the rise of all-inclusive resorts, the influx of new brands, and a growing focus on wellness, according to industry leaders. During the "Views from the Boardroom" panel at the 15th annual Caribbean Hotel Investment Forum, Playa Hotels & Resorts' chairman and CEO Bruce Wardinski highlighted a shift from the region's...
Investors behind The Pierhead's ambitious $160 million residential and commercial project in the heart of The City have revealed a new vision for the undertaking. In an update on the project's direction, a spokesperson, who chose to remain anonymous for now, disclosed on Thursday that the original plan, which included a marina for luxury yachts and high-end branded stores, will undergo significant...
Reflecting on the trajectory from the depths of the pandemic to the present, Fernando Garcia-Chacon expresses admiration for the rapid rebound witnessed in the Caribbean hotel investment market. As the leader of the CBRE Hotels Advisory team, Garcia-Chacon acknowledges the initial hope that hotel investments might regain their footing by 2024 or 2025. However, the reality has surpassed expectations, with...
Barbados' government is moving forward with the divestment of the Savannah Hotel, a key component of the GEMS project, to an undisclosed buyer. This strategic maneuver aims to invigorate the hotel sector. The Savannah Hotel in Barbados, previously under the government's ownership as part of the GEMS of Barbados hotel project, is poised for a change in ownership. Ian Gooding-Edghill, the Minister of...