Puerto Rico Lodging Market Poised For Comeback
June 21, 2019Puerto Rico’s lodging market abounds with opportunities, following crises over the past several years. According to JLL’s Puerto Rico Hotel Destinations Report hotels across the Caribbean island have come back online after renewed capital investments and paired with economic incentives and strategic efforts of the Government of Puerto Rico and the U.S. Government, the island is primed for a hotel market comeback.
Air capacity to the island in 2019 will increase for the first time since 2016 and to meet this demand, by 2020, approximately 2,400 hotel rooms will be re-introduced to the market, along with more than 850 new rooms currently being developed. These figures will place available lodging supply ahead of prior supply levels by 2020. Additionally, GDP is projected to increase by 3.9 percent in 2019 and numerous investor-friendly policies are fueling strong lodging market performance.