Olo Caye says Belize project could drive $230.5 million in annual tourism spending

A new preliminary analysis says the $300 million Olo Caye development off Belize City could generate as much as $230.5 million a year in gross tourism spending and support thousands of jobs. The project is positioned as a major bet on Belize’s cruise sector, local businesses and long-term tourism growth.

Why it matters: - The Olo Caye development could become one of Belize’s largest tourism investments, with a projected $300 million price tag and a potential economic impact tied to cruise traffic, lodging and local spending. - The analysis says the project could expand opportunities for Belizean entrepreneurs, tour guides, artisans, restaurants and small businesses. - The projected investment equals about 7.9% of Belize’s forecast 2028 GDP of $3.8 billion. - At the high end, annual gross tourism spending could reach $230.5 million, equal to about 24.5% of Belize’s 2025 reference tourism market.

What happened: - Olo Caye released a preliminary economic and social impact analysis for its integrated tourism development off the coast of Belize City. - The project is planned as a $300 million development with port, hotel, retail and dining components. - Olo Caye said port operations are currently targeted for Oct. 28, 2028. - Piero Dibattista, president of Olo Caye, said the project is intended to create a platform for Belizean entrepreneurs and small businesses to connect with international visitors. - More information is available at the company’s announcement.

The details: - Annual visitor spending could range from $82.7 million to $230.5 million, depending on projected cruise passenger volumes. - The spending estimate uses an average onshore expenditure benchmark of $87.42 per passenger. - Projected annual visitor visits range from 946,400 to 2.64 million across about 338 port events. - That visitor volume would be as much as 3.0 times Belize’s national cruise passenger disembarkations recorded in 2025. - The project could generate up to 5,500 employment opportunities after Phase 2. - About 2,000 positions are associated with Phase 1. - The employment estimate is equal to 3.2% of Belize’s economically active population. - The development plans 310 hotel rooms across two properties, including 160 on the island and 150 at Marine Mile 5. - That room count would increase Belize District lodging capacity by 30.2% and national inventory by 2.7% versus 2024 figures. - Planned commercial space includes more than 3,200 square meters for retail and dining. - That space includes about 1,977 square meters of commercial space and 1,286 square meters of restaurant facilities. - The project also includes 20 dedicated kiosks for local tour operators.

Between the lines: - Belize averaged 314 annual cruise port calls between 2023 and 2025, below the pre-pandemic average of 366 calls between 2017 and 2019. - Olo Caye’s design for two mega-cruise ships at once suggests the project is aimed at helping Belize recover cruise traffic and potentially grow beyond pre-pandemic levels. - The local-first business model is built to keep more tourist spending inside Belize through Belizean-owned services and experiences. - The company also wants to explore partnerships with universities and educational institutions to support tourism training and career development. - Environmental planning includes wastewater treatment, resource-efficient systems and evaluation of practices aligned with ISO 14001 and ISO 50001.

What’s next: - Olo Caye’s economic impact will depend on actual cruise volumes, visitor spending and how many local businesses participate once the project opens. - The scale of spending and job creation is expected to rise as the development moves through later phases. - The company’s next major milestone is the planned start of port operations in October 2028.

The bottom line: - Olo Caye is pitching itself as both a tourism destination and an economic engine for Belize, with the potential to reshape cruise spending, lodging capacity and local business activity if the project delivers as planned.