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Majority of Bahamas hoteliers reported net loss last year
More than 60% of Bahamas hoteliers who participated in an economic survey reported a net loss for 2007, according to President of the Bahamas Hotel Association Russell Miller.
He said, however, that the Bahamas Hotel Association (BHA) continues to be optimistic about the tourism sector’s performance in 2008.
Twenty-one hotels in Nassau, Paradise Island, Grand Bahama and the Family Islands participated in the survey.
Like many, Mr Miller blamed the downturn on the state of the US economy, which according to some US officials is close to a recession.
“Given the state of the US economy, one can only be cautiously optimistic for 2008,” he said. He added:
“The industry and the nation continue to be presented with challenges which affect our ability to compete successfully and experience growth in keeping with the global trends.”
Mr Miller said among the industry’s top concerns are workforce quality, airlift and airport issues and the high cost of doing business.
He said despite the net loss most hoteliers have said that the tourism product remains strong.
“When asked to measure the economic strength of tourism today, approximately 38% of the respondents characterized it as weak, 56% believe it is moderate and six percent felt it is strong,” Mr Miller said.
“The overwhelming majority of respondents, 81% have a fair outlook for tourism in 2008, with 13% expressing a positive outlook and six percent a negative look,” he added.
Report by David Wilkening
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