Royal Caribbean International is giving its tiny Bahamas island, CocoCay, a $200 million facelift. In the past, CocoCay has been known as a relaxing getaway, where Royal Caribbean cruise passengers disembark to snorkel and swim with surprisingly large stingrays. Royal Caribbean is transforming the island into the first of its Perfect Day Island Collection, a series of exclusive private island destinations set in iconic locales around the world. Many industry experts have been asking Michael Bayley, the CEO of Royal Caribbean International, for the reasoning behind the move. These upgrades, in combination with the Perfect Day Island Collection, solidifies Royal Caribbean as an innovation leader in an otherwise largely stagnant industry.

Source: Forbes March 23, 2018 17:26 UTC