Wednesday, Jul 17, 2019
HomeBusinessRoyal Caribbean Cruises Ltd., ITM Group form destination company

Royal Caribbean Cruises Ltd., ITM Group form destination company

Royal Caribbean Cruises Ltd. (RCL) and the ITM Group are cementing their relationship by forming a new destination company that will be called Holistica. The redevelopment of the Grand Lucayan resort complex and the transformation of Grand Bahama’s cruise port into an adventure park will be the company’s first project.

The Holistica partnership will be a 50-50 deal between RCL and ITM and will also include destinations in Costa Maya, Mexico; Roatan, Honduras; and Kumamoto, Japan, according to a press release.

“Holistica will create an inclusive model for destination development that works holistically – thus the name – to meet the needs of coastal communities, local governments and land, sea, and air travelers,” the release noted.

RCL President and Chief Executive Officer (CEO) Michael Bayley said in the release that the rise in the popularity of cruise vacations gave rise to the need to continue the development of coastal destinations and the creation of one-of-a-kind cruise experiences.

“The continuing growth and rising popularity of cruise vacations make it clear that the sustainable development of coastal destinations, including the thoughtful evolution of existing ones, is in the travel industry’s best interest,” said Bayley.

“We have spent five decades learning what works and what doesn’t, and we know the potential of strategic development to deliver extraordinary guest experiences and meet the needs of local communities.”

ITM Group CEO Mauricio Hamui said well-designed destinations benefit communities and offer cultural enrichment to those visiting these communities.

“There is a way to do these projects inclusively, collaboratively, and sustainably – and those are the characteristics this new partnership is meant to embody,” he said.

“The timing is right for a venture of this type. A collaborative development approach, paired with meaningful private financial resources, gives local destinations the opportunity to grow the right way.”

Holistica’s Freeport is still under review by the government, the release stated. It added that the development is centered on the redevelopment of the Grand Lucayan resort, “and includes ambitious plans for local ownership, employment, job training, community investment and sustainable construction practices”.

Bayley said the development of more destinations increases the quality of vacations and expands the options in an ever growing tourism industry.

The release said Holistica, which will be headquartered in Miami, is currently searching for a chief executive officer.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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