Narayan AmmachchiHotel development across Latin America and the Caribbean is experiencing a significant upswing, driven by the continued rise in US tourist arrivals post-pandemic.
Hotel construction in the region jumped 11% during the first quarter of 2024, according to data from Econometrics. The number translates to hundres of new hotels that are expected to open by years’ end.
Over 600 projects are currently underway, collectively adding over 100,000 new rooms to the region’s robust tourism sector.
Mexico, Brazil and the Dominican Republic account for the majority (over 60%) of these construction projects. Mexico leads the pack with 226 projects, followed by Brazil (91) and the Dominican Republic (51).
Guyana, fuelled by an oil-enabled economic expansions, is also actively pursuing hotel development with over a dozen projects.
According to Forbes, hospitality giant Remington is among the key investors pouring significant resources into building new hotels and resorts in the region.
The Caribbean has already seen a notable increase in accommodation options, with 20 new hotels boasting 3,330 additional rooms inaugurated in the first quarter of 2024 alone.
Meanwhile, capitalizing on this tourism boom, major US airlines are expanding their routes to the region.
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