From Recovery to Renaissance: AG&T’s Perspective on Sint Maarten’s Luxury Revival
Originally published on LinkedIn | August 20, 2024
By Adam Greenfader, Chairman, AG&T
Introduction
Some markets are studied from afar. Others are experienced firsthand.
For AG&T, Sint Maarten has been far more than another Caribbean market, it has been one of the most compelling examples of resilience, reinvention, and long-term value creation that we have witnessed in more than three decades of advising luxury hospitality and real estate developments throughout the Caribbean.
When AG&T began working on the island shortly after Hurricane Irma devastated Sint Maarten in 2017, many questioned whether the destination could ever reclaim its position as one of the Caribbean’s premier luxury markets. Hotels were heavily damaged, infrastructure required rebuilding, tourism collapsed, and investment activity slowed dramatically.
Just as reconstruction gained momentum, the COVID-19 pandemic delivered another unprecedented shock. International air travel stopped almost overnight. Cruise tourism disappeared. Hotel occupancy fell to historic lows. Like many island economies, Sint Maarten faced one of the most difficult periods in its modern history.
Yet throughout both crises, AG&T remained engaged.
Working alongside developers, lenders, government agencies, architects, engineers, hotel operators, and institutional investors, we witnessed not simply a recovery—but the beginning of a transformation.
Today, we believe Sint Maarten is entering a new era.
Luxury hospitality is returning. Infrastructure investments are nearing completion. International airlift continues to expand. Institutional capital is once again evaluating the market. Perhaps most importantly, a new generation of luxury developments is redefining the island’s global positioning.
Having participated in this journey from post-hurricane recovery through the post-pandemic renaissance, AG&T believes Sint Maarten is once again becoming one of the Caribbean’s premier destinations for luxury hospitality and real estate investment.
The Caribbean’s Tourism Economy Continues to Expand
Tourism remains the economic engine of the Caribbean.
Home to approximately 43 million residents, the region welcomes more than 25 million overnight visitors annually, generating over US$37 billion in visitor expenditures according to the Caribbean Tourism Organization.
Following the pandemic, Caribbean tourism has outperformed many global destinations, with numerous islands recording double-digit growth in visitor arrivals and visitor spending.
This resurgence has renewed investor confidence across the region, particularly within the luxury hospitality and branded residential sectors.
A Unique Two-Nation Island
Few destinations offer the diversity found on Sint Maarten/Saint Martin.
Shared between the Kingdom of the Netherlands and the French Republic, the island combines two cultures, two legal systems, two culinary traditions, and one integrated tourism economy.
Despite occupying only 34 square miles, the island serves as the transportation, commercial, and tourism hub of the northeastern Caribbean.
Its strategic location provides convenient access to:
Miami (approximately 3 hours)
New York (approximately 4 hours)
Paris
Amsterdam
Toronto
Panama City
Princess Juliana International Airport also serves as the primary gateway to neighboring luxury destinations including St. Barth’s, Anguilla, Saba, and St. Eustatius.
The Rise and Return of Caribbean Luxury
During the 1960s and 1970s, Sint Maarten emerged as one of the Caribbean’s premier luxury destinations.
International travelers were drawn by:
European sophistication
Duty-free shopping
Exceptional beaches
International cuisine
Easy accessibility
Vibrant nightlife
Long before St. Barth’s became synonymous with luxury, Sint Maarten was widely regarded as the gateway to upscale Caribbean tourism.
The following decades brought change.
Between the 1980s and early 2000s, much of the island’s development shifted toward timeshare and vacation ownership products. While these projects generated consistent tourism, they gradually repositioned portions of the hospitality market toward midscale accommodations rather than ultra-luxury experiences.
Hurricane Irma Changed Everything
In September 2017, Hurricane Irma became one of the strongest Atlantic hurricanes ever recorded.
The storm fundamentally altered Sint Maarten’s hospitality landscape.
Hotels closed. Infrastructure was damaged. Many properties never reopened. Ironically, the destruction also created an opportunity.
Rather than rebuilding yesterday’s product, developers began envisioning a new generation of luxury resorts, branded residences, and mixed-use destinations capable of competing with the finest hospitality experiences anywhere in the Caribbean.
AG&T had the opportunity to participate during this critical transition, advising investors and developers as they evaluated how the island could rebuild stronger, smarter, and with a renewed focus on luxury.
COVID Delayed but Did Not Stop the Recovery
Before reconstruction was complete, COVID-19 brought global tourism to a standstill.
For an economy heavily dependent on tourism, the impact was profound. Cruise arrivals disappeared. International flights were suspended. Hospitality revenues collapsed.
Yet one remarkable characteristic distinguished Sint Maarten throughout this period: confidence never disappeared. Developers continued planning. Infrastructure projects advanced. Governments remained committed to rebuilding. Private investment continued to seek long-term opportunities.
Those decisions are now paying dividends.
Today’s Renaissance
The island entering 2024 is fundamentally different from the one that emerged after Hurricane Irma.
Recent economic indicators demonstrate a remarkable recovery:
GDP grew approximately 13.9% in 2022, followed by 3.5% growth in 2023, according to the International Monetary Fund.
Stayover tourism has exceeded pre-pandemic levels.
Cruise arrivals are approaching historical highs, with projections exceeding 2 million passengers annually.
Princess Juliana International Airport has completed much of its long-awaited modernization, significantly improving the passenger experience.
International airlift continues to expand.
Commercial activity throughout Philipsburg has returned to levels not seen in more than a decade.
Perhaps most encouraging is the return of institutional confidence. Developers are once again investing in projects designed for affluent international travelers rather than solely volume tourism.
Luxury Is Returning
Several developments illustrate the island’s repositioning toward luxury hospitality.
The opening of the JW Marriott introduced one of the world’s most recognized luxury brands to Sint Maarten.
The Morgan Resort demonstrated renewed investor confidence in upscale accommodations.
The Secrets Resort continues its transformation on the French side.
Most significantly, The Setai Sint Maarten represents one of the most ambitious luxury hospitality developments in the island’s history.
Developed by Altree Developments, the project combines five-star hotel accommodations with luxury branded residences and has been accepted into the prestigious Leading Hotels of the World collection, placing Sint Maarten alongside many of the world’s most celebrated luxury destinations.
AG&T has been privileged to participate in this new chapter, advising on market positioning, capital strategy, and development initiatives that support the island’s luxury resurgence.
Why Investors Are Paying Attention
Several long-term trends continue to strengthen Sint Maarten’s investment case:
Strategic Airlift
Princess Juliana International Airport (SXM) has fully re-emerged as one of the Caribbean’s premier aviation hubs following its post-Irma reconstruction. The airport now serves more than 1.8 million passengers annually, with 30 airlines offering nonstop service to 34 international destinations, including major gateways in North America, Europe, Latin America, and the Caribbean. Continued growth in passenger traffic underscores renewed confidence from both airlines and travelers.
Gateway to the Luxury Caribbean
Sint Maarten remains the primary transportation hub for the northeastern Caribbean, providing convenient access to St. Barth’s, Anguilla, Saba, and St. Eustatius. This unique position expands the island’s effective tourism market well beyond its own population and makes it an attractive base for luxury travelers, yacht owners, and private aviation.
Diversified Tourism Demand
Unlike many Caribbean destinations that rely heavily on a single source market, Sint Maarten benefits from a highly diversified visitor base. Approximately 50% of stayover visitors originate from the United States and Canada, 21% from Europe, and 22% from the Caribbean, providing greater resilience during economic cycles. Tourism continues to rebound strongly, with 855,994 stayover air visitors in 2025—a record—and 1.6 million cruise passengers, while the first quarter of 2026 posted an additional 18% increase in cruise arrivals over the prior year.
Pro-Business Environment
For decades, Sint Maarten has maintained one of the Caribbean’s most investor-friendly business climates. The Dutch legal framework, transparent property ownership system, duty-free economy, and long-standing support for foreign investment continue to encourage private-sector development. Government priorities remain focused on strengthening tourism infrastructure, expanding airlift, and attracting high-quality hospitality and mixed-use investments.
Limited Luxury Supply
While tourism has recovered rapidly, the supply of true five-star luxury accommodations remains relatively limited compared to competing destinations such as St. Barth’s or Turks & Caicos. This supply-demand imbalance has supported stronger room rates, residential pricing, and investor interest in new branded hospitality and luxury residential developments.
AG&T’s Perspective
Having worked throughout the Caribbean for more than three decades, AG&T believes Sint Maarten is entering one of its strongest investment cycles in generations. The island has moved beyond recovery. It is reinventing itself.
Today’s projects are larger, more sophisticated, more sustainable, and increasingly designed for affluent global travelers seeking authentic Caribbean experiences.
We believe the convergence of improved infrastructure, strong tourism fundamentals, expanding airlift, renewed government investment, and institutional-quality hospitality developments positions Sint Maarten for sustained long-term growth.
For AG&T, the most rewarding aspect of this journey has been witnessing—and contributing to the island’s remarkable transformation.
About AG&T
Founded in 1998 and headquartered in Miami, AG&T is one of the Caribbean’s leading real estate development and advisory firms. With a track record spanning more than 55 real estate development projects valued at over US$2 billion across Puerto Rico, Sint Maarten, Costa Rica, Panama, Mexico, the Dominican Republic, and other Caribbean markets, AG&T specializes in hospitality development, luxury residential communities, capital advisory, investment sales, and strategic planning.
From post-disaster recovery to luxury destination development, AG&T has worked alongside governments, institutional investors, family offices, developers, and hospitality brands to help shape the next generation of Caribbean real estate.