A robust economy and strong European currencies that cut costs for European travelers is adding up to a possibly record year in the Caribbean, say tourism officials.
But funding for new hotels remains a challenge, according to the Caribbean Hotel Association.
“Banks will typically lend only up to 50 to 60% of the value of the property and for a short period of time – usually no longer than 10 years,” said Alex Titcombe, who heads up research for the hotel group.
In other tourism developments in the Caribbean:
· Turks & Caicos opened The Palms, an $85 million luxury resort on Providenciales.
· The Tampa-based Mainsail Development Group plans a $45 million resort on the 230-acre Scrub Island in the British Virgin Islands.
Report by David Wilkening
