End Of Year Analysis

During the year 2024, there was a slight increase in the number of registered hotels and guest houses, leading to a noticeable rise of 425 in the island’s registered room inventory.

Although a few new properties have become registered, the external shock of Hurricane Beryl in July has created some damage, severely impacting some accommodation establishments along the south and west coasts. This unexpected event required significant immediate renovations being undertaken at several beachfront properties and forced some establishments to close operations. This also enabled property management teams to re-assess upcoming refurbishment plans and accelerate renovations, undertaking them earlier than originally scheduled.

These unforeseen events have contributed to a slight decline in the number of properties becoming licensed when compared to the year 2023. On a positive note, the island is experiencing a ‘building boom’ in the accommodation sector as the Product Quality Unit has also witnessed some existing, mature plants in sector being sold to new foreign and local investors.

Many of the smaller properties are experiencing high occupancy levels due to increased demand driven by these significant developments.Overall, the significant increase in airlift from several international markets and the growing number of cruise ship calls have contributed to a promising start to the 2024-2025 winter season. Both registered and unregistered tourist accommodation providers are experiencing strong demand, with very few rooms remaining unoccupied so far this season. It is envisioned that the 2025 tourist season will be an extremely lucrative one, surpassing occupancy levels of the previous season.