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...
In a strategic move to cater to evolving consumer preferences and expand its presence in the all-inclusive resort sector, Marriott International is set to rebrand three of its esteemed properties in Barbados this year. The renowned hospitality giant will integrate Treasure Beach, The House, and Waves resorts into its Autograph Collection brand, thereby enhancing the allure of Barbados as a premier...
The foremost hotel investment conference in the Caribbean is set to return to Miami this April. The Caribbean Hotel and Resort Investment Summit (CHRIS) will take place from April 22nd to 23rd at the Loews Coral Gables Hotel. With over 450 registered delegates, including a significant portion holding esteemed positions such as CEO, Chairman, president, or owner, the event draws attendees from more than...
More than 500 fintech experts and enthusiasts convened in Barbados for the second edition of the Fintech Islands Experience 2024 (FiX24) conference, held at Sam’s Lord Castle, A Wyndham Grand Resort, from January 24. The event, marked by substantial growth, attracted participants from the Caribbean, Americas, Europe, and Africa. FiX24 garnered support from top-tier partners, with Mastercard as the...