Almost 1,500 million dollars in two years: the unnecessary investment of the Cuban Government in Tourism

Cuban economist Pedro Monreal He stated on his social networks what it would be “rational” for the Cuban authorities to “pause in hotel investment”, given the decrease in international tourism and the economic crisis that the country is going through.

Montreal said that Cuba has a total of 77,809 hotel roomswhich represents an increase of 13% compared to 2020, when the Covid-19 pandemic began and tourist visits to the Island fell to a minimum.

The 8,930 rooms opened since 2020 represent an investment of 1,473 million dollarsaccording to Monreal’s calculations based on the lowest possible cost stipulated by the Cuban Government’s Business Portfolio.

However, The economist said that the island’s authorities have not “reported the origin of the investment.”

According to Monreal’s calculations, “receiving 2.5 million international visitors in 2022, there would be more than half of the hotel rooms from Cuba”since in 2018 the average number of visitors rotating per room was 69, much higher than the 32 this year.

It would seem rational to adopt a pause in hotel investment. There are other priorities.” added the specialist in a Twitter thread.

Despite the constant recommendations to reduce investment in the tourism sector by Cuban economists, the island authorities have maintained the construction of hotels in recent yearsmarked by the sharp drop in international visitors and forecasts of a slow recovery.

The ONEI estimated at 573,944 international travelers who visited Cuba throughout the past yearwhich was a decrease of 60% compared to 2020.

The Cuban economy would receive 1,159 million dollars (1,012 million euros) if it achieves the goal set by the Government of 2.5 million visitors in 2022.

However, among the tourist destinations that lead the forecasts for the summer of 2022 there are five Caribbean countries, but Cuba is not among them.

Despite the fact that the Cuban authorities foresee an increase in the arrival of tourists in 2022 compared to 2020 and 2021, the truth is that the invasion of Moscow against Ukraine and the consequent closure of the skies of Europe and North America to Russian commercial flights blocked that market, the most important source of tourists to Cuba.

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