More information related today on further support of the market from a number of difference angles. All of the articles are from Dominican Today publication.
1. The lifestyle Group – Madrid based operator/developer on the North Coast roughly 40 mins from LOE. They are a large hybrid development of villas, condos in a resort setting. They have announced they have
Invested $500M and committed to consolidating the country’s north coast as a holiday destination. They are adding 72 new apartments in the same Puerto Plata development.
2. The developers CEO commented at the worlds largest Tourism fair (Fitur 2020) in Madrid that they are 100% confident in the Dominican Republic, where
He can attest to the markets consolidation and consistency when compared with other countries he travels frequently.
3. Madrid. The international Tourism Fair (Fitur 2020). At the fair, the Dominican Republics largest bank Banco Popular Dominicano (BPD) announced
“favorable prospects for the Dominican Market” Since just in 2019 it closed with a financing portfolio exceeding US$1 billion in the tourism sector. In the last 11 years
BPD says it has financed more than US $2Billion for construction or completion or to develop hotel rooms.
4. Tourism Minister of The Dominican Republic. Francisco Javier Garcia noted that confidence has returned to the North American and Canadian Markets because investments continue to flow positively and later announcements of new projects for the Dominican will be made. He said that prospects for 2020 are excellent and that the new offers project great growth for
Tourism in the DR.
Why does all this matter and what does this mean for the LOE project.
Developers are continuing to spend capitol on new projects and some expanding existing projects to meet the demand of the growing DR market.
Strength and consistency with a growing economy and stability in the tourism market which still only makes up less than 20% of the GDP. From international developers to the countries largest bank there are significant capital investments being made in the tourism sector. The LOE project can and will benefit from this growth and economic rise.