The Americas' Privileged Partner

"Tourism and manufacturing form the pillars of the islands' vibrant economy as new opportunities and incentives are set to attract overseas investment." This is the tag line of the special advertising section of the Wall Street Journal's magazine - Smart Money. Puerto Rico's tourism sector is one of the most important in the Caribbean region. In fact, it is still North America's number 1 destination spot in the West Indies, despite American Airlines' decision to pull flights by their subsidiary air carrier American Eagle. Therefore, it makes sense that Puerto Rico has invested heavily into the expansion of their tourism industry, beyond the traditional sun & fun package already offered. The construction of their Puerto Rico Convention District, built in 2005, is an attempt by the government to enter the burgeoning trade show and convention market, "which in the US and Canada alone is worth some US$12 billion annually". However, the convention centre means great news for Puerto Rico's local hotels. "While capacity, in theory, is in excess of 7,000 people, events catering for 3,500 people are more comfortably handled due to the lack of rooms available...[but], within 18 months, new hotels will be added...and the Puerto Rico Convention District is already taking bookings up to four years ahead".

The project was an initiative between Puerto Rico's public and private sector, with the privately owned commercial sector reportedly footing the majority of the bill - US$900 million to the total of US$1.6 billion. Additionally, according to the Executive Director of the Puerto Rico Convention District Authority, Sanchez Biscombe, "perhaps the most positive aspect that the development of the district is having for the islands' economy and people is that all of this is not costing Puerto Ricans a cent. The US$432 million for the Convention Centre was raised through a bond issue which will be satisfied by the profits from a room tax levied on those who stay here during events, worth US$38 million in the first two and half years alone".