Bermuda has faced serious tourism challenges for decades. And it’s not simply about convincing visitors to choose Bermuda over other destinations. We also have to attract investors willing to put significant money into our tourism product.

Thankfully, we’ve seen investment. The Green family invested significantly in the Hamilton Princess and the former Sonesta property. The Fairmont Southampton redevelopment has attracted investment, although whether the structure of that deal is ultimately in Bermuda’s best interests continues to be debated. And The Loren Group, which developed The Loren at Pink Beach, is now moving ahead with plans for Elbow Beach.

But then there are properties and projects that remind us how difficult tourism investment can be in Bermuda. Ariel Sands. Morgan’s Point. And now Daniel’s Head.

Last year, it was announced that Norwegian Cruise Line Holdings had signed a non-binding memorandum of understanding to explore potentially investing in and developing Daniel’s Head as a tourism product. We now know Norwegian has decided not to pursue the development at this time.

Some people will probably celebrate that news because they never wanted a cruise company involved with such a significant piece of Bermuda land in the first place. I get it. But others may see it as another missed opportunity for an industry that desperately needs investment.That’s where I think it gets interesting.

We shouldn’t accept investment at any cost simply because someone is willing to write a cheque. Development should make sense for Bermuda environmentally, economically and socially. But we also need something that sparks new life into our tourism industry and, in turn, our economy.

For years we’ve talked about rebuilding tourism, increasing air arrivals, adding hotel rooms and attracting investment. Yet we continue to find ourselves discussing properties that are closed, projects that haven’t materialized and potential developments that never get beyond the planning or discussion stage.

Time and time again, we’re reminded that Bermuda tourism isn’t where it once was. So maybe the question isn’t whether Norwegian walking away from Daniel’s Head is good or bad. The more important question is what happens next. What type of tourism investment does Bermuda actually want? What kind can we realistically attract? And what are we prepared to do differently to make it happen?

We don’t need development at any cost. But we do need a boost.