Barbados Developer Says “Goodbye Hotels – Hello Condos”

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Managing Director of the Caribbean Tourism Investment Management Company predicts that condominiums will replace hotels in Barbados in the not too distant future.

Timothy Boyce says the trend is already taking place in other destinations across the globe.

He argues that research has found the return on investment from hotels is not as great as from condominiums.

Boyce dismissed the argument that hotels generate more employment than the condominium market.

… continue reading the rest at CBC News (link here).

Mr. Boyce and his clients obviously believe that whatever is good for their pocketbooks must be good for Barbados and Bajans – and, seeing as the present Government of Barbados hasn’t bothered with any overall development plan or public debate on development, the condos are coming.

On the eve of our 40th anniversary as an independent nation, don’t we owe it to ourselves and to our children to hold a public debate about where we want this country to be in the years ahead? Should we not have the right as citizens to be fully aware of how today’s decisions will impact the character of our country in the future?

Extensive high-rise condo development will change more than just the view. On such a small island, there must be social, economic and environmental impacts that will result from the fundamental re-structuring that Mr. Boyce is talking about.

So far, our government is approving condo developments on a piecemeal basis, with no overall plan – and with zero public dialogue about where this will take Barbados or if the citizens want this to happen.

What are the social, cultural, environmental and economic changes that will result from more extensive condo development? Bajans can only guess.

Mr. Boyce and his friends say that condos are a good investment.

We should all be asking, “Good for whom?”

* Story Links *

CTIM Inc. – Caribbean Tourism Investment Management Inc. (website here)

9 Comments

Filed under Barbados, Barbados Tourism, Business & Banking, Island Life, Offshore Investments, Politics & Corruption, Traveling and Tourism

9 responses to “Barbados Developer Says “Goodbye Hotels – Hello Condos”

  1. Adrian Loveridge

    I am afraid I cannot agree with Mr Boyce.
    According to the Barbados Statistical Service 2,000 jobs or 14% of the tourism workforce was lost between 2002 and 2004.
    Over the last 12 years and incredible 18 hotels have closed or been converted into condomiums.

    Of course full service hotels employ more people and have higher occupancy rates.

    No-one can blame hotel owners choosing the condominium option and our hotels/guest houses/apartments have one of the most dismal occupancy rates in th region.

    Even in the long stay (and cruise) record visitors arrivals year of 2004 our registered accommodation providers only averaged an annual occupancy rate of 49.7%.

    Simply put over 3,500 rooms should empty every
    365 nights of that year.

    No middle to long term tourism plan exists and in the desperate attempt to get foreign currency, the easiest of options are being chosen.

    To remind Barbados Free Press readers that apart from Haiti, Barbados is the only Caribbean tourism destination not to increase hotel room stock over the last twenty years.

  2. Jupiter

    Adrian Loveridge

    You are speaking to the converted in the case of this contributor.

    By what sort of calculation can someone prove that a condominum which doesnot require accounts staff,receptionist,restaurant,food & beverage,kitchen staff etc can provide the same level of employment as a Hotel.

    Maybe you feel like me Adrian,but I feel like I’m having a nightmare and I can’t seem to get up out of it.

  3. Adrian Loveridge

    Jupiter…

    Its a national nightmare, which has been recurring far too many times over a prolonged period.
    Those hotels that have been converted in condominiums will never return to hotel usuage again and all that prime oceanfront land lost for ever.

    Many of the ‘condos’ will only be occupied for short periods of the year. And if people are not occupying them, they will not be renting cars, eating in our resturants, visiting our attractions etc.

    There has to be a national policy for tourism development, especially if it is your leading foreign
    currency earner.

    I am afraid our Government policymakers think five years, or perhaps less in marginal seats.

    We need a ten and twenty year plan devised by people who understand the industry.

  4. Wanstead

    Boyce does not know what he is talking about. Is this same Boyce who worked at Crane, Sandy Lane etc and was booted from them. If its him well what he is saying about condos is just hot air. Isnt his business about condo INVESTMET???Duuuuuh!

  5. Rumplestilskin

    It is obvious that this is the plan going forward for Barbados – condo developments, golf and prime ocean-front land used for private residences, rather than hotels AND being effectively closed off to the public re effective access.

    Sadly, our restaurteurs, taxis, potential hotel workers, cottage industries will all lose out when even more hotels are converted to this alleged ‘cash cow’. In other words, there will be no multiplier of the spending of these persons throughout the economy. Maybe the condo owners will spend a few coppers to the supermarkets for groceries and a couple to the rented cars.

    I guess these people think strongly that they have a great idea.

    Where will the ex hotel employees be employed?

    Or do they not count?

  6. Hants

    The ex-employees will probably have to try to find work overseas.

    I heard on the news there are 500 Hotel jobs and recruiters are coming to Barbados in January.

  7. Littleboy56@caribsurf.com

    There are obviously several different travel statistics for Barbados.
    How else could Mr Boyce come up with such convoluted nonsense!
    Several condos are not in the rental pool. I have personal information in this regard. Even Port St Charles closed La Mer restaurant and laid off staff this year, because of low occupancy.

  8. Rolf & Laura Schindler

    We are a Canadian senior couple searching for a hotel near the Beach in Barbados for a long stay ot two or three months for next winter. We need a one bedroom with 1 bath, king bed, balcony with a view of the beach.

    Thank you and have a nice day.

    God Bless

    Laura Schindler

  9. I can’t decide if that’s good or bad news. I would rather stay in a condo then a hotel but I’m also not made out of money. I guess we’ll find out in time.