The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE 2014 first quarter is “shaping up quite nicely” for Nassau/Paradise Island resort properties, the Bahamas Hotel and Tourism Association’s (BHTA) president telling Tribune Business yesterday that over the last six months hotels had readied themselves for the new year with major investments in human and physical upgrades.

Speaking with Tribune Business at the Corporate Strategies for Leadership and Talent Development Forum, led by the BHTA, Stuart Bowe said: “For the year 2013, we will find that rates have done pretty good. Occupancies are down slightly, but rates have been solid.

“For 2014, the first quarter is shaping up quite nicely. There are tons of things that the tourism industry has done to ready itself for 2014. In the last six months of 2013, a lot of improvement in hotels and new players coming in.

“Most of the major properties have had major refurbishments. They have added restaurants, refurbished rooms, upgraded their products and, more and more, we’re seeing people investing in the human capital, which is the most exciting part.”

Mr Bowe said the BHTA, with the draft Value-Added Tax (VAT) legislation now in hand, would soon meet with all stakeholders to determine the way forward.

Noting that the Bahamas was a high-cost destination, Mr Bowe said that regardless of what new taxation system was put in place, it will ultimately place additional pressure on consumer value.

“We have been in discussion for many months on the taxation issue. We just got the document last week. Next week we will get our stakeholders together. We will give them an opportunity to digest where we are and we will move forward,” said Mr Bowe.

“Whatever structure or taxation system is put in plac,e it will place additional pressures on value. We are already an expensive product. Here in lies the need for greater leadership, creativity and innovation.”