Looking to Cuba
Opportunities abound in the Caribbean island thanks to restored diplomatic relations and a rising need for hospitality options.
In February, the United States and Cuba agreed to renew commercial air traffic, making way for up to 110 round-trip flights a day by the fall of 2016. Airlines should have no trouble filling the seats: More and more Americans are traveling to Cuba as tourism restrictions relax between the two countries, and according to Reuters, American visits to Cuba surged 77 percent in 2014 to 161,000, a number likely to increase once flights are in service1.
A steep rise in travelers and a shortage of stay options present a golden opportunity for timeshare. Although no timeshare legislation is currently in place, the Cuban government has been loosening restrictions and liberalizing jobs to boost tourism, indicating that it may be just a matter of time. The need is already there. Cuba has approximately 61,000 hotel rooms—some of which are fully booked for the next 12 months—and approximately 21,000 rooms in private homestays, many of which offer only basic amenities and cannot be booked online, according to The Guardian2.
Cuba’s government is seeking foreign investment to increase the number of hotel rooms available nationwide to 85,000 by 2020. Its focus is primarily on beach destinations, leaving cultural centers open for additional opportunity.
- Reuters, January 26, 2016
- The Guardian, October 30, 2015
Photo Credit: iStockphoto
