Investment proposals almost double

The tourism industry has attracted a significant amount of investment during the first eight months of 2018, a report from the Central Bank said.

The STLDA received proposals for 100 new hotel projects with an investment value of $830 million during the first eight months of 2018. During the same period in 2017, 53 proposals were received, with an investment value of $261 million. The proposals received in 2018 would add 3,182 rooms upon completion.

Final approvals were so far granted for 29 of the hotel projects (1,016 rooms), with a total value of $104 million. During the same period, 24 hotel projects commenced operations, adding 878 rooms.

Reflecting the 11.6% increase in tourist arrivals during the first nine months of 2018, earnings from tourism increased to $3,212 million, compared to $2,878 million during the same period in 2017.

[Source: p.8.]

Hospitality Insider Issue 4