Nicola Madden-Greig on the potential of Caribbean tourism

President of the Caribbean Hotel and Tourism Association (CHTA) as a leading voice in the Caribbean economy

Nicola Madden-Greig, President of the Caribbean Hotel and Tourism Association (CHTA), is emerging as one of the leading voices in Caribbean business. In a speech at the Caribbean Hotel & Resort Investment Summit (CHRIS) in Miami, she called on investors and decision-makers in tourism to take advantage of partnerships by joining hospitality associations.

Against the backdrop of a positive economic forecast, Madden-Greig pointed out the great potential of Caribbean tourism, which can generate around USD 96.6 billion in revenue and create around 1.3 million new jobs by the end of 2023 - a significant growth compared to 2022. Segments such as health and wellness, sustainable tourism and events hold new growth potential for the region.

Considering the challenges facing the industry globally, she emphasized the importance of addressing key areas such as air connectivity, technological investments, crisis preparedness, environmental protection, collaboration, coordination and effective partnerships between the industry and government stakeholders.

Contrary to initial expectations, the Caribbean has shown remarkable resilience and is recovering faster than expected. Madden-Greig shared data showing that the Caribbean is one of the fastest growing travel destinations in the world. While international travel continues to decline by 31 percent, Caribbean destinations account for just under one percent of visitor numbers for 2019. "The Caribbean has definitely left the recovery phase behind and is growing. We are a very diverse and dynamic region. We are in demand. There are a lot of opportunities," she said, acknowledging that the recovery and growth is uneven, with some destinations recovering faster than others.

The respected Jamaican hotelier emphasized the pivotal role of the private sector in the recovery and growth of the Caribbean tourism industry. The CHTA and the national hotel and tourism associations support investors and owners and facilitate dialogue with governments, multilateral organizations and other public institutions.

"Tourism is the driving force of our Caribbean economies. It is therefore important that spending not only flows into the hotel and attraction sector, but permeates the entire economy and also benefits agriculture, manufacturing and the creative industries," she said.

Madden-Greig also touched on the significant entry of major international brands into the Caribbean's all-inclusive tourism segment and highlighted consumer trends using data from CHTA/Mastercard. The data showed that consumers are actively seeking out authentic experiences, particularly in the Dominican Republic and Jamaica, thereby contributing to the local economy. They prefer to visit locally owned stores and restaurants. It is worth noting that both the Dominican Republic and Jamaica, as well-known all-inclusive destinations, have successfully worked with the local national hotel associations and the wider private sector to provide these enriching experiences to their guests.

In her presentation, she highlighted several Caribbean destinations that are experiencing double-digit growth, including CHTA strategic partner U.S. Virgin Islands, as well as St. Maarten, Guadeloupe and Martinique. She highlighted Aruba's remarkable progress in restoring seating capacity, which has led to a surge in tourism revenue and cruise visits.

Looking ahead, Madden-Greig also presented data from the STR Pipeline Report, which shows that over 340 projects are planned in the region. The Caribbean outlook data presented by CHTA/ForwardKeys also showed that the region will see more than four percent growth this spring compared to pre-pandemic visitor numbers and more than 10 percent growth this summer. The number of cruise visitors will also exceed pre-pandemic levels this year with an estimated 30 to 33 million cruise visits.