Building, restoring and managing hotels is the business proposal that makes Cuba to foreign companies wishing to invest in the tourist area of the island. Importantly, these companies will never be property owners, only administrative.
The Cuban tourism industry seeks to recieve three million foreigners each year. A new law, effective last June, allows greater openness to foreign investors to place their capital, and one of the branches prioritized is tourism.
Signing hotel management contracts for potential investors with state enterprises has provided that Cuban enterprises maintain ownership of the property and hired a foreign entity to manage and market under their own brand, the tourist facility for five years and renewable .
Joseph R. Daniel, director of Business in Tourism Ministry, said that the new modality in the context of tourism attracted firms interested. It reported that 67 contracts were already established with foreign partners and “is expected to close this year to join three.” He cited as examples of “partners” to the Spanish chain Valentín Hotels and luxury Kempinski Dutch, already involved in restoration projects.