The island of Saint Croix is part of the United States Virgin Islands and known for its amazing natural features ranging from mountains and rain forests to some of the best beaches in the Caribbean. To further attract tourists to the island, the legislature passed an act authorizing the Economic Development Authority and the Department of Tourism to solicit a feasibility study for developing and constructing a water / adventure park on the Island of St. Croix.
Integrated Insight was contracted to lead the feasibility efforts, partnering with Baker Barrios Architects to inform concept design and master planning. Our analysis included market and competitive assessments, leveraging secondary research and our expertise in strategic development of entertainment venues to help inform the type of attractions, products and services that will be most appealing to specific market segments. Also considered were components that would differentiate the project from competitors, and to identify unmet needs of existing tourists. Attendance was projected considering different sources of demand (cruise ships, land based tourists, regional visitors), each with their own travel behavior and demographics, seasonality, capacity, and targeted service levels. A ten year pro forma of detailed profit and loss statements, unleveraged project returns (NPV and IRR), and supportable investment and recommended investment cadence, was developed. In addition to impacts from operations, economic impacts to St. Croix were estimated.
Capacity Planning and Optimization, Demand and Revenue Forecasting, Market Assessment, Pro forma Development, Strategy Design