Office Opening: Base4 Latin America
Base4 researchers look ahead to the upcoming needs of our clients. Due to the current and projected boom in hotel development throughout the Caribbean islands and Latin America, Base4 proudly announces the opening of our Santiago, Dominican Republic office. From this location, we intend to provide expert AE design and production to meet your needs as you prepare upcoming projects throughout Latin America. Our team is also exploring further office locations in both Panama and Costa Rica.
With recent talk of the economic boom in Latin America, some new developments have steered the direction of the Latin American expansion efforts. Even though several health crises and weather systems in the past several years have harmed the economy, tourism development remains somewhat steady. Additionally, since the end of 2015, the pound has declined 17% and the Euro has dipped 14% versus the U.S. dollar, strengthening the US presence in Latin American growth projections. Rapid tourism development has been especially seen in Cuba and Bermuda, due to recent changes in US policy toward Cuba and also Bermuda’s hosting of the America’s Cup this summer.
Here are a few other important facts:
- Caribbean and Latin American destinations are one of the fastest growing regions for Marriott- already having 210 hotels & resorts open with 75 under development.
- In the past 5 years, Hilton has tripled their presence in Latin America.
- Interest in the mid-scale market rapidly expands due to current growth in suburban areas and secondary markets.
- Motivated by increasing occupancy demands due to the United States opening and traditional European markets, Cuba is the clear leader for development, boasting significant growth of average daily rate. Incredibly, Cuba leads the market with the largest pipeline in Latin America- with 60,000 rooms currently under development.
- A large portion of the new rooms are the result of the opening of the Grand Hyatt Baha Mar as part of the first phase of the resort complex opening at the end of April.
- Following Cuba’s boom are Costa Rica, Chile, Peru, and Colombia, respectively. For example, the Colombian hotel sector grew by over 8%- their highest in nine years. By 2020, 32 hotels are planned with over 78 new hotel projects in the pipeline.
- STR’s October 2016 Pipeline Report cited the Caribbean/Mexican region with currently 32,056 rooms/190 projects under contract, a figure which represents a 14.3% increase from October 2015.
- Just this past Spring, Colombia held the third annual Latin America Hotels and Resort Summit to discuss the rapid expansion and hotel development.
Contact Base4 to discuss how we can partner with you in Latin America!