Cuba’s Tourism Ministry Spells Out New Business Opportunities on the Island Nation

Greater opening to foreign investment in different sectors of the Cuban economy, especially in the travel industry, is no doubt one of the top priorities for the Caribbean island nation, according to Jose Daniel Reinaldo Alonso, chief of Business Operations with Cuba’s Tourism Ministry, who lectured delegates to the International Tourism Fair (FITCuba 2013) underway in Varadero.

Mr. Alonso explained that the largest chunk of the foreign capital coming to Cuba is being poured into hotel newbuilds and the construction of real-estate properties with golf courses, as well as management contracts, hotel marketing and franchise deals.  

By the end of last year, Cuba had nearly 60,000 guestrooms, with roughly two thirds of them lodged in four- and five-star facilities. As much as 70 percent of those accommodations are located in beach destinations, 23 percent in cities and 2 percent in nature havens. Broken down in travel destinations, Varadero holds the lion’s share of that total with 32 percent, followed by Havana (23 percent), northern Villa Clara (10 percent), Jardines del Rey (8.6 percent) and Holguin (8.2 percent).

Other business opportunities potential foreign investors could spend money in are three cruise terminals, seven international marinas and ten international airports linked to all major travel destinations across the country, Mr. Alonso went on to explain.

The Cuban expert pointed out there are good perspectives in the field of hotel marketing and joint management contracts, with several development zones in the regions of Cienfuegos, Sancti Spiritus, Santa Lucia in Camaguey, Coba Rubia in Las Tunas, and Guardalavaca in Holguin.