(June 3, 2019 – New York) During the 41st New York University (NYU) International Hospitality Industry Investment Conference, Governor of Puerto Rico Ricardo Rosselló announced a collaboration between the local Government and the NYU School of Professional Studies, where they will receive a group of students in Puerto Rico for a two-week campus project.
During the announcement, the chief executive delivered remarks on the tourism industry of Puerto Rico and the investment opportunities that the Island is offering for economic development.
“Puerto Rico is a premier destination for the hospitality industry, and we are here today to make the global investment community aware of the incomparable benefits of our Island. We offer unprecedented incentives, such as generous tax credits and exemptions. With most of the Island now designated as an Opportunity Zone, there is enormous potential for investment,” said the governor.
The chief executive also stated that “rebuilding the tourism industry of Puerto Rico in the wake of Hurricane Maria is a key part of our recovery plan for the Island, and this is just the beginning of what we hope will be a long relationship with the investment community.”
The announcement was carried out during a press conference alongside top executives and thought leaders of the hospitality industry, where the governor was accompanied by Conference Chairman Jonathan M. Tisch, Conference Co-host Nicholas Graf, Executive Director of the Puerto Rico Tourism Company (PRTC) Carla Campos, and Chief Investment Officer (CIO) for the Government of Puerto Rico Gerardo Portela.
Tisch expressed that “familiar with the devastation that hurricanes Irma and Maria caused, and the long, difficult road to recovery, travel and tourism are critical for recovery in the Island’s long-term wellbeing. We are pleased that through the conference we are able to give Puerto Rico some visibility to a valuable audience that can support and invest in their future through the travel and tourism industry”.
The conference chairman also explained that “the Tisch Center work with Puerto Rico will expand beyond the conference. The Government with be heavily involved in an academia project at the NYU Tisch Center. Certainly, a lot is happening in Puerto Rico, a lot that is so positive and that has become such a great case study for all of us, when it comes to bouncing back after devastations”.
According to the associate dean of the NYU School of Professional Studies Jonathan M. Tisch Center for Hospitality, Nicolas Graf, in the upcoming academic year, the NYU and the PRTC will be working on a relevant project for the destination development.
A group of NYU students will be engaged with Government officials and tourism executives in the Island on an especially designed field project based on opportunities and challenges.
The executive director of the PRTC, Carla Campos, said that “the Government of Puerto Rico has enacted numerous reforms to benefit and attract hospitality investment. For example, a historic permits reform that reduces the time it takes to establish businesses on the Island, as well as the decrease in red tape so that bureaucracy does not take time and resources away from the bottom line of your company.”
Campos also stated that “we have also implemented public private partnerships in key areas such as airports and cruise ports, so that we can offer better public services at a lower cost to consumers while benefiting from the versatility of the public sector.”
Puerto Rico is offering unprecedented tax incentives through Act 74, which provides tax exemptions on both real estate and personal property as well as tax credits ranging from 30 to 40 percent.
Gerardo Portela confirmed the commitment of the Government of Puerto Rico with hospitality investment as a key pillar in the recovery of the Island after Hurricane Maria in 2017.
“Puerto Rico is set to receive over $90 billion dollars in federal aid over the next 10 years. We are committed to using the funds as a tool for economic development, and the fact that 96 percent of the Island qualifies as a federal Qualified Opportunity Zone means opportunities for investment are endless,” stated the CIO.
The NYU International Hospitality Investment Conference is the premier hospitality finance and development forum of its kind, which convenes global hotel chief executive officers, owners, developers, investors, lenders, and analysts who shape the future of the industry.
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