In HOTELS magazine this week, Ann Fastiggi, head of our Hospitality and Leisure Practice, is quoted extensively in a piece on how this summer’s natural disasters afflicting Texas, Florida, Puerto Rico, and the broader Caribbean are taking their toll on the winter 2018 high travel season and the robust $56.4 billion in revenues that tourism brings to the region’s GDP.
For their piece, “Caribbean cleans up, looks toward the future”, the magazine’s editorial staff writes:
“Tourists are pretty resilient, and we will see tourism dollars bounce back in about 18 months in Puerto Rico, and two to three years for some of the smaller islands,” said Ann Fastiggi, Greenwich, Connecticut-based RSR Partners, an executive recruiting firm… The insurance companies will have their say regarding what building codes should include, since claims are costly, RSR Partners’ Fastiggi said…
… Some smaller independents on more heavily damaged islands that may not be as well insured would be less likely to renovate and reopen, Fastiggi predicted. “The big hotel companies have disaster response teams they can send to the Caribbean to work on the rebuilding; the independents don’t have that,” she said… And hotels built decades ago now will have the chance to be upgraded, improved and better able to compete for business, Fastiggi noted.
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The full piece can be found here (subscription required).