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New Business Opportunities Portfolio for Foreign Investment in Cuba’s Tourism Sector

The portfolio is also directed at renovating the hotel plant through new constructions and the restoration of installations.

The portfolio is also directed at renovating the hotel plant through new constructions and the restoration of installations.

The Business Opportunities Portfolio for foreign investment in Cuba’s tourism sector was recently updated. It contains 53 investment projects that serve as the foundation to build new International Economic Associations or new Hotel Management and Marketing Contracts.

Planned to diversify the hotel management and marketing by renowned international chains, it is also directed at renovating the hotel plant through new constructions and the restoration of installations and additional infrastructures as well as extending the non-hotel sector toward real estate development related to golf courses, supplementary 100% Cuban marinas and high-tech theme parks. It excludes dolphinariums, gastronomy, marinas and their complementary services.

By tourist destinations it prioritizes: Guardalavaca (Holguín), Costa Sur Central (Cienfuegos and Trinidad), Santa Lucía beach (Camagüey), Covarrubias beach (Las Tunas); exceptionally, Havana and Varadero. Old Havana and the cays to the north of the island are already compromised.

In Cuba at present there are 27 joint ventures that operate 5,592 rooms. The most wide-spread modality is hotel management and marketing: 73 contracts signed with 18 international hotel chains that manage 69 hotels with 35,892 rooms – 57.1% of the total amount of rooms and 85.1% of the four- and five-star installations.

“Last year two new managing chains joined, France’s Warwick International Hotels and Colombia’s Excelencias, and the Swiss Kempinski, Singapore’s Banyan Tree and Spain’s Sercotel will soon start operating,” Cuban Minister of Tourism Manuel Marrero affirmed during FITCUBA 2015.

“After the constitution of the first real estate development joint venture linked to golf courses, with United Kingdom capital, progress is being made in preparing the projects to start building mid next year. The second real estate development was also approved in Bello Monte, Havana, with the China Beijing Enterprise, and progress is being made to create, before the end of 2015, the third and fourth joint ventures, which will be in charge of the developments in Coloradas, in the peninsula of Guanahacabibes, and in El Salado, in Artemisa, both of which are Spanish investments.”

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