The Dominican Republic is seeing a hotel development boom.

The Caribbean’s largest tourism destination is projecting more than 18,000 new hotel rooms by 2019, officials said at the recent Dominican Annual Tourism Exchange in Punta Cana.

The 18,000 number comprises 55 new hotel projects and more than $2 billion worth of investments coming into the hotel pipeline.

Above: the Gansevoort in Playa Imbert

Those projects range from large all-inclusives like the recently-announced Amhsa Marina Hotel project in Las Galeras to smaller boutique properties.

It’s in large part due to what seems to be one of the Caribbean’s most favorable hotel investment climates.

The latter has been a major source of growth for the destination in recent years, particularly the country’s North Coast, which has seen new luxury hotels like the Gansevoort Playa Imbert, the Playa Grande Beach Club the Amanera hotel debut in the last year.

The new hotels will be crucial as the country looks to reach its stated goal of 10 million annual visitors by 2023.