by Donald Wood
Last updated: 11:19 AM ET, Mon June 24, 2019
The travel industry is taking note after Royal Caribbean Cruises Ltd. and the privately-held ITM Group announced they are teaming up to launch a new destination company, dubbed Holistica.
The new Holistica brand will create an inclusive model for destination development that works holistically to meet the needs of coastal communities, local governments, and land, sea and air travelers.
Royal Caribbean and ITM Group are currently searching for a CEO for the new company, which will be headquartered in Miami. Both brands revealed Holistica Destinations, Ltd. will be a 50-50 partnership.
"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," Royal Caribbean's Michael Bayley said in a statement. "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."
The first project orchestrated by Holistica will be a $275 million development in Freeport, The Bahamas, that is currently under review by the Bahamian government. Centered on the regeneration of the Grand Lucayan resort, the plans include local ownership, employment, job training, community investment and sustainable construction practices.
In addition to the Freeport project, the companies said the new venture would own and operate destinations in Costa Maya, Mexico; Roatan, Honduras; and Kumamoto, Japan.
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