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THTA: Missed opportunity to regulate villa rental, AirBnb

The Tobago Hotel and Tourism Association (THTA) has responded to the recent pronouncements related to tourism in the 2024 budget presentation. On September 30, during the 2024/2025 budget presentation by Finance Minister Colm Imbert in the Red House, Port of Spain, said Tobago was allocated $2.599 billion for the fiscal year. Imbert said the THA will receive 4.35 per cent of national budget. He further announced plans to construct a five-star hotel in Buccoo and a marina in Lowlands in 2025. The construction of the marina and hotel, he said are among several special projects the government is hoping to begin next year as it seeks to boost economic development in Tobago. In a press release on October 2, the association said a more thorough analysis is still pending, but at first glance there would appear to be little change in the amounts allocated for recurrent expenditure and a significantly reduced allocation for capital development on the island of Tobago as a whole. “We welcome the initiatives to increase Tobago’s hotel room stock via new hotel developments. However, such announcements have been made in the past without coming to fruition. Additionally, the support by way of marketing for the destination and by extension the accommodation sector is woefully inadequate and therefore seems mismatched and therefore likely to result in failure in the broader scheme.” The release went further noting that the property now known as Magdalena Grand Beach & Golf Resort; a government owned asset, has been the recipient of significant government injections historically and this year it is again been seen that the property be provided with funding to the tune of $56 million for general repairs and refurbishment. It noted that comparatively, the Tobago Tourism Agency Ltd (TTAL) with responsibilities for all destination marketing, inclusive of international Trade Shows, is carded to receive only $42 million which is woefully inadequate and pales in comparison to the $56 million allocated to Magdalena Grand whilst the maintenance and upgrade of any facility should be of utmost priority to any owner. “We at THTA believe that increased marketing and airlift support would redound to improved accommodation statistics and revenues; the resultant effect, a benefit to the entire island and requiring less taxpayer dollars given that the sector it would now be better positioned.” It added: “We would also have welcomed investment in the Tobago Hospitality and Tourism Institute as the only operating institute of its kind in TT, it is a first and mandatory step to preparing the population for increased job opportunities in the tourism sector, both now and when new hotel developments come to fruition.” [caption id="attachment_1112406" align="alignnone" width="1024"] Mike Walmsley, chairman of the marketing committee of THTA, left, operates a 'pop up' at C3 Centre in San Fernando on August 31. - Photo by Venessa Mohammed[/caption] The association also believes that an opportunity was missed to introduce measures to regulate the popular yet unregulated villa rental and AirBnb market, which currently contribute little to the tax coffers and operate without governing standards. “Despite repeated calls from this association to allocate at least a portion of the hotel tax to marketing, yet another year has passed without this initiative being introduced. Given the country’s foreign exchange issues it is disappointing that tourism, a guaranteed rapid forex earner, was not championed as a means to diversify the economy. However, we remain cautiously optimistic that the initiatives outlined for Tobago will assist the island, still suffering from the effects of the covid19 pandemic.” In the interim, its membership has since met with councillor Tashia Burris, THA secretary of Tourism, Culture, Antiquities, and Transportation. It said in a meeting on October 1 at the Mount Irvine Bay Resort, Burris after delivering initial remarks participated in a lively and spirited conversation with those present and discussed a broad range of issues relative to the Tobago Tourism sector, most of which was contextualised around the presentation. “Despite the disappointing contents of the budget particularly as relates to Tourism, the output from this lively and informative discussion centred around charting the way forward to position Tobago as a destination of importance in the Southern Caribbean. A variety of issues were addressed, inclusive of plans to further develop Cruise Tourism, improving the quality of the existing room stock on the island, advancing training opportunities and initiatives via the Tobago Hotel and Tourism Institute and most importantly, airlift, to name a few.”   The post THTA: Missed opportunity to regulate villa rental, AirBnb appeared first on Trinidad and Tobago Newsday.