Belize Tourism Sector

Tourism is the driving factor of Belize's economy and contributed BZD 2.1 billion (USD 1.1 billion) to Belize's economy in 2025. Tourism accounts for 32.7% of Belize's GDP while remaining the country's largest source of foreign exchange earnings.¹

The sector is expected to grow steadily, with its economic contribution projected to reach BZD 2.9 billion (USD 1.4 billion) by 2035, growing at a 2.5% CAGR. Employment in the sector is projected to increase from 86.7k jobs in 2025 to 110.2k jobs by 2035.¹

Source: 2p1

In 2024, leisure travel, including inbound and outbound travel, accounted for 88.4% of total internal spending, compared to 11.6% from business travel.¹

The expansion of the tourism sector is being fuelled by:

• Enhanced international connectivity
• Increasing overnight arrivals
• New air travel routes
• Rising global demand for eco-tourism and leisure-focused travel

Overnight leisure tourist arrivals increased from 57k in January 2026 to 66.4k in March 2026, highlighting seasonal growth momentum and increasing demand. ^2p2

Source: 2p1

The National Sustainable Tourism Master Plan (NSTMP) 2030 seeks to position Belize as a globally competitive and sustainable tourism destination by enhancing leadership, maximizing economic benefits, strengthening destination management, and promoting authentic cultural and natural experiences.³

Belize Resort Industry

Belize recorded 68,895 overnight visitors in March 2026, up from 65,196 in March 2025, representing a 5.7% year-on-year increase, with U.S. travellers accounting for 70% of total arrivals.^2p1,2

The hospitality market maintains strong occupancy levels of 75-90% during peak season and 35-55% during off-season, while luxury eco-lodges and boutique island resorts benefit from consistent year-round demand driven by Belize's sustainable, small-scale tourism model. ^2p1,2

Source:2p2,5

The average room rate (ARR) from January to April 2026 was BZD 445.98 (USD 221.79). For foreign guests during this period, the ARR was BZD 480.94 (USD 239.10), compared to BZD 239.53 (USD 119.11) for local guests. This is a positive indicator for a country that relies heavily on foreign tourism. ^2p5

As of 2026, accommodation inventory by region includes Ambergris Caye with 339 properties, Placencia with 250 properties, Cayo with 209 properties, and Caye Caulker with 153 properties. These areas reflect strong tourism infrastructure while also presenting potential for further growth to meet increasing demand. ^2p5

Source:2p5

Growth in leisure tourism is driving a shift toward high-end luxury resorts and boutique stays. This has spurred demand for new resort construction alongside alternative accommodations such as Airbnb and community-based stays.

Belize promotes resort investment through policies allowing 100% foreign ownership and joint ventures with local partners. Under the Fiscal Incentives Act (1990), approved companies receive tax and duty exemptions, including duty-free import of construction materials and equipment, lowering entry barriers and making Belize highly attractive to international resort developers.⁴

Caye Caulker Tourism & Resort Outlook

Infrastructure & Connectivity

Upgraded docks now link the north and south sides of Caye Caulker, boosting accessibility.

The resort utilizes solar power as its primary renewable energy source, supplemented by the national electricity grid, with diesel generators serving as a reliable backup.

Accommodation Market

The short-term rental market in Caye Caulker is thriving. Properties that include multiple units and unique guest accommodations experience high occupancy, making investment homes and vacation rentals a key focus for 2026 buyers.⁵

As of March 2026, Caye Caulker hosts 1,198 rental accommodations, ranking fourth nationally despite being a smaller island. ^2p5

The average room rate of foreign guests from January to April 2026 was BZD 481 (USD 239). ^2p5

Tourism Profile

The major sources of tourism activity in Caye Caulker are tourism and hospitality, as well as fishing.

Caye Caulker is a fast-growing tourism destination known for:

• Accessibility
• Island lifestyle
• Water activities
• Increasing international visitor demand

New projects on Caye Caulker are focusing on luxury and sustainability, integrating:

• Solar power
• Rainwater systems
• Eco-friendly designs

Boutique resorts and mixed-use developments continue to appear on both the North Side and South Side, adding modern convenience without losing the island's natural charm.

Submarine Cable Power Project

The submarine cable power project will provide reliable, lower-cost, and sustainable electricity to support resort development, enhance guest experience, and accommodate future tourism growth on Caye Caulker.

Porter’s 5 Force Analysis

Threat of New Entrants – Low

Scarcity of land has increased the real estate prices in Belize, developing a new resort and hotel requires lot of capital. All the resorts and hotel in Belize have to adhere to the strict environmental laws followed in the island and they need to have multiple permits to operate the Hotel and resort all the licenses related to tourism have to be approved by BTB.

Bargaining Power of Customers – High

The increase in OTAs (Booking.com, Expedia, Airbnb) has given the tourists an accessibility to compare the price range of the several hotel and resorts. The buyers can choose budget stays over expensive resorts. The price sensitive buyers can easily divert to neighbouring countries.

Existing Competitive Rivalry – High

Belize has some key players in resort and hotel industry which includes international competitors like Hilton and Marriot, it also include some of the biggest resort management companies and investments groups as well. The resorts and hotels differentiate their services by providing experiential travels, promoting living like a local and eco-tourism. Due to the high competitive rivalry the resorts and hotels have to come up with strategic pricing strategies to maintain occupancy through out the seasons.

Threat of Substitutes – Medium

While Belize has seen growth in Airbnb and short‑term rentals, these primarily attract budget‑conscious or experiential travelers. Luxury resort guests seek premium services, exclusivity, and brand assurance, making substitution less direct. Resorts maintain a differentiated value proposition, though alternative accommodations remain a moderate competitive pressure.

Bargaining Power of Suppliers – Medium

Country is heavily dependent on imports. Constructing a luxury resort which will require raw materials and products to be imported and it will levy heavy taxes. To retain skilled labours, firms might need to pay them competitive salary. However, government incentives (duty exemptions, tax breaks) can partially offset supplier power.

Trading Comparables

Transaction Comparables (in USD Billion)

Sources

1. Travel & Tourism Economic Impact 2025
2. BTB Tourism Performance Dashboard
3. Tourism Development Plans
4. Invest in Belize
5. Caye Caulker Real Estate Trends 2026: A Bright Year Ahead
6. Meliá Hotels International, S.A
7. Park Hotels & Resorts Inc.
8. Wynn Resorts, Limited
9. Pebblebrook Hotel Trust
10. Choice Hotels International, Inc.
11. Playa Hotels Planned Acquisition
12. Revenue and EBITDA of Playa
13. EV, Revenue and EBIDTA of Cosmopolitan Acquisition
14. Deal Value of Extended Stay America Acquisition
15. Revenue and EBITDA of Extended Stay America Inc.