KPMG’s Caribbean Travel, Leisure and Tourism group is delighted to present the results of KPMG’s 2016 Caribbean Resort Benchmarking Survey (“survey”).
The 2016 Caribbean Resort Benchmarking Survey has been designed to help owners, operators, lenders and investors better understand the profile and performance of their Caribbean resorts.
This survey is the first piece of thought leadership that we at KPMG have produced in collaboration with the Caribbean Hotel and Tourism Association (“CHTA”). We hope,and expect, that it will be the first of many. Obviously the wider and deeper the pool of participants the more representative the survey; CHTA, through its membership, provides this opportunity, amongst many other positive contributions.
The general theme of this survey is a positive one, continuing the trend that we have seen in recent years. All Key Performance Indicators (“KPIs”) - occupancy, ADR, REVPAR and average number of full time employees - are up for the period under review i.e. financial year 2015. It really does appear that those resorts which were able to survive the very difficult days of recession starting in 2007/2008 are now beginning to see the benefit of the difficult rate cutting that many had to introduce to survive. Furthermore, whilst it is not good news for developers of new resorts, today’s higher confidence levels and improved liquidity are still not translating into readily available capital, which does represent good news for existing operators. The lack of new projects and associated new inventory represent a significant window of opportunity for existing operators to benefit from enhanced demand which allows rates to rise again as we are seeing in this survey.
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