The Tribune

THE Bahamas’ Director of Investments, Phylicia Hanna, says the Caribbean Diaspora has a key role to play in the future of tourism, the number one industry in most of the countries in the region. By expanding their reach from the United States to countries like the Bahamas, she believes, Diasporans could increase their wealth while supporting the natives in their homeland.

Her sentiments were echoed by a number of top tourism officials from around the Caribbean, who recently spoke at the National Association of Black Hotel Owners, Operators and Developers 27th annual International African American Hotel Ownership & Investment Summit & Trade Show and the 10th annual International Multicultural & Heritage Tourism Summit & Trade Show, held at the Miami Marriott Biscayne Bay.

Hanna spoke in her capacity as Director of Investments, Bahamas Ministry of Tourism, Aviation & Investment on a panel attended by scores of hotel owners and potential investors attending the conferences. Fellow panelists included: Minister of Tourism for Anguilla Hayden Hughes; Simone Bell, Investment and Innovation Specialist, Belize Tourism Board; and Salik Garland, Invest Turks and Caicos Islands. The panel was moderated by Roland Andy Burrows, Investment Consultant, Bahamas Investment Authority.

The theme: “The Time is Right for Investments” was a timely one, they felt, because tourism is seeing an uptick since the COVID-19 pandemic, and because Caribbean governments are providing considerable support to ensure the success of investment ventures.

Speaking on why The Bahamas is a perfect destination worth investing in, Hanna said: “It’s Better in the Bahamas! There are 700 islands and cays - at least 30 are inhabited, and each one has different cultures and different opportunities. There will always be one you fall in love with. There are great opportunities for investors in The Bahamas. We are looking for family and adult all-inclusives, we are looking for luxury brands, and we are looking for all of you who are considering your next investment, to consider The Bahamas.”

She said The Bahamas is currently managing over $7bn worth of investments. There is a monitoring and evaluation unit that has been set up to provide an even closer link between investors and the government.

“We’re holding investors’ hands, making sure all of those projects come to fruition,” she said.

“Come and explore the opportunities here. We are not selling dreams, but we are making dreams a reality. We have incentives for investors. What we are seeing in this administration is all of the incentives announced during this budget, such as the Family Island Development Encouragement Act, and additional investment incentives for areas like Grand Bahama. Tourism is our main economic driver and with all of our islands, we need more beds to fill the heads... and we see the heads rolling in! The tourism-related projects continue to evolve to create even more tourism opportunities for investors.”

Minister Hughes said Anguilla is ripe for investments, and he told potential investors that their investments are safe there.

“We have some of the best tourism brands in Anguilla,” he added, noting that the Salamander five star luxury resort brand is in the country.

Salamander is owned by America’s first black female billionaire Sheila Johnson, who also spoke at the NABHOOD Conference. She shared all of the challenges she faced in establishing her brand, noting that being a black woman meant facing rejection, even if you had the money. Today, she proudly leads one of the most diverse brands in the luxury tourism market, with diversity and inclusion as core mandates.

Garland, representing Invest Turks & Caicos Islands, said his country is looking for sustainable tourism development throughout its six inhabited islands - each having their own investment profile and unique opportunities. Investors with low density brands would bode well in the outer islands, he said, as they would add to the authenticity of a destination with low populations and rich cultural heritage.

“There is an opportunity to come into less developed islands, receiving incentives and concessions,” he said.

“Sustainable development opportunities, environmental, economic and social support exist to assist investors with assimilating their brand well into our communities.”

They all felt that Caribbean investors attending the conference - those already investing or representing hotel brands in the United States as well as those considering investing for the first time - all stand to benefit from investing at home. Not only do they stand to succeed in the place of their heritage, but they offer empowerment to their native people.

Moderator Burrows said The Bahamas and the Caribbean are open for business: “We want to have the Diaspora visiting more through the region. We want diversity in investments, including Diasporans, creating a diverse new product; diverse, new experiences; and diverse, new opportunities.”

“It’s not a competition; it’s an opportunity to come together and support the entire Caribbean,” he added.

When asked about their countries’ ability to be resilient in the face of issues like climate change and pandemics, Hanna said being able to diversify the tourism product is key.

“In 2019, a category 5 hurricane devastated two of our islands in particular, and we learnt a number of lessons from that, including improving our infrastructure,” she said.

“Because we are an archipelago, there are challenges in terms of transportation and healthcare. We are looking to increase healthcare capacity, working with international partners to improve our healthcare services. We are expanding our airport development project which will expand our boots on the ground and allow us to hit the ground running. We want to make sure we are proactive to the challenges we face in the industry such as the threats of climate change.”

Bell pointed out that Belize’s government works closely with the medical community, making sure that necessary standards are in place. They work to make sure hoteliers’ cash flow remains intact, and she pointed out that resilience means making sure there is business continuity in the face of adversity.

Second Vice President of St Martin, Bernadette Davis, also attended the NABHOOD Conference, stating in a television interview that Caribbean investors have the opportunity to take advantage of the pristine qualities of their countries, backed by their own experiences having grown up there, to create magical investments for their guests to enjoy. 

A number of current Caribbean hotel owners and executives attended the conference, participating in a number of meetings and panel discussion over a four-day period in Miami, Florida. Executives included Kevin Carty, General Manager, Aurora Anguilla and Dwayne Mortimer, President of the Balmoral Club, New Providence, The Bahamas.

“The NABHOOD conference was an informative, insightful event fueled by some of the brightest minds with innovative approaches to development, financing and marketing; therefore making it the perfect mecca to network with key hospitality professionals,” Mr Mortimer said.

NABHOOD is one of the leading organisations advocating for minority ownership and development in the hotel and hospitality industry. For more information, visit https://nabhood.net.