How to Make Your Destination Ready for Investors, Developers, and Tourists

Destinations are facing increasing competition for attention and new readiness challenges in the post-pandemic world.

With borders reopening and pent-up demand hitting the market, being prepared to attract and retain that momentum is the travel and tourism industry’s major focus. Traditional destination investment evaluations tended to focus on “what is the current market and how much can be acquired?” Today it is more important to broaden that thinking to include “Is this the right destination, right country, and right strategic partner to pursue?”

"By going beyond the theoretical market norms, investors will be better positioned to make solid decisions," writes Bethanie DeRose and Dan Fenton of JLL Hotels.

DeRose and Fenton provide an in-depth exploration of the multifaceted challenges and opportunities that destinations face in the ever-evolving landscape of travel and tourism. The authors emphasize the need for a comprehensive and forward-thinking approach to preparing a destination for success, taking into account a diverse range of factors that go beyond conventional considerations.

Here are some takeaways:

• Holistic Approach to Destination Readiness. The article emphasizes the need for a comprehensive and forward-thinking strategy to prepare destinations for success in the post-pandemic world. This approach goes beyond traditional market analysis and includes collaboration between the public sector, private investors, and the local community.
• Investor Readiness is Key. To attract investment, destinations should actively demonstrate their readiness to be partners in the investment process. This involves local governments being proactive and willing to provide funding opportunities and streamlined permitting processes to attract investors.
• Urban Readiness and Collaboration. Urban readiness encompasses various factors, including infrastructure, healthcare, accessibility, and safety. Attractive cities prioritize accessibility and safety for both residents and visitors. Collaboration between public, private, and community stakeholders is essential for effective destination planning and management.

Dan Fenton is an Executive Vice President based in San Francisco with JLL’s Hotels & Hospitality Group specialising in tourism and destination strategic planning.

Bethanie DeRose is a Senior Vice President based in New York with JLL’s Hotels & Hospitality Group specialising in tourism and hospitality.

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