Dr. Bethel said it’s a trend that many Bahamians interested in becoming property owners should embrace.
Dr. Bethel, who recently returned from the American Lodging Investment Conference, told The Bahama Journal on Wednesday that The Bahamas is ideally suited for this latest phenomenon, because of the number of islands it has.
“Those resorts which are now much in demand, which are demanding the highest room rates and that have year-round occupancies are not necessarily the traditional ones,” Dr. Bethel said.
“But the ones that have the mix of the conventional hotels, cottages, condos, spas and also the boutique variety, will open the way for great opportunities for Bahamians.”
Only recently, The Bahamas Development Bank [BDB] announced its launch of micro loans, which are designed to cut the red tape for craftsmen and cottage industry professionals.
BDB chairman, K. Neville Adderley, explained that the new initiative is just the first of the bank’s plans to promote small businesspersons and young entrepreneurs.
The micro loan allows Bahamians to borrow a maximum of $10,000. It has a low interest rate and low or no security collateral requirements, easy repayment plans and a streamlined application process.
Officials said that the repayment period is 12 to 18 months for amounts up to $5,000 and 24-36 months for loans $5,001 to $10,000.
Minister of Tourism, Obie Wilchcombe, explained that unconventional hotels and a diversification of properties in The Bahamas would help to better meet the needs of the numerous ethnic groups of tourists that The Bahamas attracts.
“The reason is very simple, because people come from all around the world,” Mr. Wilchcombe said.
“Europeans prefer the cottage types. They prefer to have a home [while visiting The Bahamas], they prefer to have the smaller structures. The Americans, generally, prefer the larger establishments, hotels and more activities. So you have to have a combination of facilities to accommodate the various visitors.”
Minster Wilchcombe said that recently a business development division, led by David Johnson, was established at his ministry to assist all would-be tourist industry professionals.
“We have some of the best brands in the world coming into The Bahamas and now we have to get more Bahamians involved, and I would think that you would see us roll out a programme and a plan to say where we need to have development, where we need more hotel rooms, what type we require and what we are going to do in the future,” said the minister.
By: Royanne Forbes-Darville, The Bahama Journal
