Dominican Republic to Get $4.5 BN in Tourist Investment

Authorities in the Dominican Republic estimate the cash flow of tourism investment in the country will peak a record high $4.5 billion next year, thus showing a token of confidence from both local and foreign companies toward the nation’s travel industry.

The projects will be carried out by some of the world’s leading hotel chains in sun-and-sand choices, like Spain’s Sol Meliá and Sandals from Jamaica.

Enrique De Marchena, chairman of the National Hotels & Restaurants Association (ASONAHORES), pointed out all projects executed between 2003 and 2005 should at least bring $1 billion worth of investment for the country.

Caribbean News Digital also learned that in addition to building new hotel rooms, there are other projects in the offing for marinas and seaports.

According to a research study revealed in Santo Domingo, investment has stepped up in the course of the past three months because local and foreign investors alike eye the country as “a safe haven” to pour money into.

Stats provided by the World Tourism Organization reveal that 22 percent of the Caribbean nation’s workforce depends heavily on tourism, a sector that chips in nearly a quarter of the Dominican Gross Domestic Product.

In order to beef up investment, the administration of President Leonel Fernandez is trumpeting intentions to spend some $270 million over the next couple of years to buttress tourist circuits and launch out an aggressive promotional campaign.

In the southeastern parts of the country, international hotel chains from Canada, the United States, France and Spain are planning to build recreational and leisure places, coupled with a $700 million for new restaurants and stores.

Viva Wyndham Hotels will earmark $20 million for the refurbishment of the four-star Las Terrenas Hotel in the northern town of Samana.

Within the framework of corporate meeting, a U.S. entrepreneurial group announced plans to carry out a megabuck infrastructure project that will feature new golf courses, several fancy hotels and other complimentary facilities.