… dispute over the assets of Puerto Rico’s largest public sector pension … billion of debt issued by Puerto Rico’s Employees Retirement System have … to hear an appeal by Puerto Rico’s federally created financial oversight …

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By Ricardo Álvarez-Díaz

Two years ago last month, Hurricane Maria ravaged Puerto Rico, ultimately taking more than 3,000 lives. It also exposed the structural vulnerabilities of existing buildings, and further exacerbated the already painful impact of a more than decade-long recession.

However, there was a silver lining to Maria. Despite all the pain and hardship it caused – and the unbearable loss of life – the destruction did bring much needed attention to Puerto Rico. In fact, today there is more optimism than ever about the future of the island for several reasons. They include:

Federal funding

The short-term and mid-term federal funding that is scheduled to come into Puerto Rico from HUD, FEMA and other sources should help jump start currently stalled reconstruction efforts, and encourage private investment in the island. According to federal data, Congress has allocated approximately $42.7 billion for recovery assistance following Maria, with close to $35 billion of that amount still scheduled to be disbursed.

The construction industry in Puerto Rico was hit especially hard by the recession, and it has so far failed to recover. For example, around 12,000 new housing units were built on the island in 2007, versus just less than a thousand the last year. However, with the amount of federal funding designated for the island, and the strong need to continue rebuilding following Maria, the construction industry in Puerto Rico is poised to improve substantially over the near and long term.

New Government

While the recent political crisis in Puerto Rico had an adverse short-term effect on the local economy, particularly for the tourism and construction industry, the resignation of Governor Ricardo Rosselló and subsequent constitutional appointment of Governor Wanda Vázquez has allowed people to be more upbeat about the future here.

In addition, Governor Vazquez’s decision not to run for reelection in 2020 will allow her to focus on what needs to be done to fight the perception of public corruption, improve the economy and continue rebuilding in the Island.

There are several reform measures that must be implemented including labor reform, reducing the size of the government, and working closely with the Financial Oversight and Management Board for Puerto Rico to foster economic growth, all of which I believe Governor Vázquez will work hard to accomplish over the next 16 months.

Tax Incentives

Act 20, also known as the Export Services Act, promotes the exportation of services from Puerto Rico by only charging qualifying companies a 4 percent tax. This has made it a more competitive place for companies to do business, as well as helped local companies be more successful elsewhere.

Opportunity Zones

Furthermore, the recent opportunity zone legislation offers a huge advantage for Puerto Rico. This vehicle was developed to encourage long-term investments in low-income communities throughout the U.S., and promote economic development in distressed areas.

However, what sets Puerto Rico apart is the fact that more than 95 percent of the island qualifies as an opportunity zone, in contrast with a 25 percent cap in all 50 states.

The many benefits of opportunity zones adds to Puerto Rico’s existing value proposition, which includes stability under U.S. laws, attractive tax incentives, a prime geographic location, and an educated, skilled workforce.

All of this sets the stage for successful and serious investors to develop projects throughout the island, mostly focusing on mixed-use developments, energy revitalization, housing construction, and general infrastructure. This will benefit both the long-term investor and local population, and help launch Puerto Rico’s economy into a bright new era of sustained economic development.

Ricardo Álvarez-Díaz is CEO of Álvarez-Díaz & Villalón, the largest architecture firm in Puerto Rico, as well as vice chair of Invest Puerto Rico and a member of the Governor’s Construction and Housing Advisory Committee. He also served as a liaison between the private sector and FEMA on infrastructure, construction and housing issues.

Note: the opinions expressed in Caribbean Journal Op-Eds are those of the author and do not necessarily reflect the views of the Caribbean Journal.

The post Op-Ed: A New Beginning for Puerto Rico appeared first on Caribbean Journal.

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The Caribbean’s most exclusive island is the new home of a major Caribbean rum event.

Caribbean Journal’s Caribbean Rum Awards, the region’s leading celebration of premium rums, is coming to St Barth from Nov. 6-10.

The second edition of the event will bring be highlighted by a panel of spirits experts judging some of the most exclusive rums on the planet.

Caribbean Journal is partnering on the event (which will join with the Saint Barth Rum Festival) with the Rhum Room, the largest Caribbean rum bar in the world, and its adjacent Quarter Kitchen and Cocktail Lab.

It’s a new kind of festival for St Barth, long the gastronomic capital of the wider Caribbean.

“We are so excited to bring the Caribbean’s leading celebration of rum to an island that is the Caribbean capital of cool,” said Caribbean Journal Editor and Publisher Alexander Britell. “For years, Caribbean Journal’s Rum Journal has striven to place rum on its rightly-deserved pedestal — and that’s the point of this event — the field will be unlike any other rum festival out there, from some of the most exclusive molasses rums in the world to an unmatched slate of agricole rums.”

The four-day event will include an opening cocktail party on Nov. 5, followed by a full day of rum judging in Gustavia on Nov. 6.

The following day will see a distiller expo featuring a range of boutique Caribbean rum distilleries, while Nov. 8 will feature a Ti’ Punch hour.

The Caribbean Rum Awards will conclude on the evening of Nov. 9 with a rum-and-food pairing dinner helmed by Andrew Zarzosa of the renowned Yuzu Miami restaurant.

The Awards will be unique in the Caribbean, with a field of eight categories of molasses and agricole rums, highlighted by an “ultimate” rum category that will, for the first time in a rum competition, pit the Caribbean’s most rarefied rums against one another, from Ron del Barrilito Five-Star to Havana Club Maximo.

The field will also include six categories of rhum agricole, including Blanc, Blanc 50-degrees plus, VSOP, XO, Cask Finish and Hors d’age, including expressions from both Martinique and Guadeloupe.

There will also be a People’s Choice Panel that will include local rum experts and enthusiasts choosing their favorites from the field of rums in competition.

“We are so excited to be the new home of the Caribbean Rum Awards at the Saint Barth Rum Festival. Our format may not be typical of Rum competitions, but we think it is a great way to go,” said Christopher Davis, proprietor of the Rhum Room and Quarter Kitchen and Cocktail Lab. “First, having an UBER Ultimate Rum category with the most prized Caribbean Rums is exciting; let’s see how these Big Boys play out in a heads up competition, huge bragging rights are at stake, Second, we are honored to have some great guests of Rhum Room flying in to be part of our People’s Choice Panel, rum/rhum/ron aficionados, tasting across all categories and choosing their overall favorite rum of the Festival. From my point of view it doesn’t get any better than this!”

Judges include a diverse range of rum and spirits experts, including Alexander Britell, Guy Britton, Peter Berntsen, Christopher Davis, Guy Ferdinand, Steven Shaw and Simons Chase.

“The panel of judges is comprised of outstanding rum and spirits experts, with the aim of creating an objective array of palates and tastes to give these rums the respect they deserve,” said Guy Britton, managing editor of Caribbean Journal. “And St Barth is the perfect place to do it.”

Caribbean Journal is partnering on the event with Tradewind Aviation, WIMCO, Les Ilets de la Plage, St Barth Properties and SC Capital.

For more, visit the Caribbean Rum Awards or email rum@caribjournal.com.

Quarter Kitchen & Cocktail Lab will be the host of the VIP dinner on Saturday. Nov. 9. For more information or reservations, please contact Hello@25sbh.com.

The event will be another boost for what is an already exciting week in St Barth, with the terrific St Barth Gourmet Festival, the region’s leading culinary event, which is now in its sixth year.

— CJ

The post The Caribbean’s Most Exclusive Rum Event Is Coming to St Barth appeared first on Caribbean Journal.

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Puerto Rico’s Luis Munoz Marin International Airport in San Juan continues to boom, according to the latest numbers released by Mexico-based parent company ASUR. 

San Juan’s primary air hub reported 526,761 passengers in September, which represented a sizable 8.4 percent increase over the same period in 2018. 

That was buoyed by an 8.6 percent jump in domestic traffic from within the United States, and a 7 percent jump in international traffic. 

For the year, Puerto Rico’s biggest airport is reporting an 11.2 percent increase in passenger traffic, and a total of 7.07 million passengers through the first nine months of 2019. 

It’s another strong sign for Puerto Rico’s crucial tourism sector. 

What’s not yet clear is how the island’s hotel occupancy has fared so far this year. 

Puerto Rico tourism officials could not be reached for comment. 

— CJ

The post Puerto Rico’s San Juan Airport Keeps Booming appeared first on Caribbean Journal.

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Surging travel company Apple Leisure Group is adding yet another new resort in the Dominican Republic, the Caribbean’s hotbed of hotel development. 

Apple Leisure Group’s AMResorts subsidiary will be opening its new Dreams Macao Beach Punta Cana in the first quarter of 2020, Caribbean Journal has learned. 

The new all-inclusive Punta Cana resort will open Feb. 21, 2020. 

The family-friendly resort will feature 500 suites, along with a villa component. 

That’s along with nine dining options, of which six will be a la carte eateries. 

The property will also feature a Dreams Spa by Pevonia, with four double-treatment cabins, eight single-treatment cabins, a bridal suite, a spa boutique and a hydrotherapy circuit, among other features. 

The new beach resort will include Dreams’ signature all-inclusive amenities, from no required reservations to 24-hour room (and concierge service) and pool and beach wait service. 

AMResorts has been expanding at a rapid pace in the wider Caribbean Basin, with 2,500 rooms set to have been delivered by the end of this year. 

The Dreams brand has two other all-inclusive resorts in development in the wider region: the 286-room Dreams Curacao Resort, Spa and Casino and the Dreams Acapulco Resort and Spa in Mexico, which will include 605 rooms. 

It’s one of two openings for AMResorts scheduled for the first quarter of 2020, along with the highly-anticipated Secrets St Martin. 

And it’s yet another new resort set to come online in the Dominican Republic, which has focused its efforts on hotel development more than almost any other Caribbean destination in recent years — efforts that continue to pay off in major ways.

“The Dominican Republic is committed to working with the private sector and its government wants to continue growing its hospitality sector, as the tourism industry is currently the strongest job creator,” Javier Coll, executive vice president and chief strategy officer of Apple Leisure Group told Caribbean Journal in a recent interview.

For more, visit Dreams Macao Beach Punta Cana. 

— CJ

The post A New All-Inclusive Hotel Is Coming to Punta Cana appeared first on Caribbean Journal.

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