"The travel industry is sitting on the last virgin territory in the entire world," says Kirby Jones, the president of the U.S.-Cuba Trade Association. "Americans want to go there for the same reason that dozens of companies around the world have. There's money to be made."

Ian Schrager, the New York entrepreneur who helped create the trend for stylish boutique hotels with the Royalton in Manhattan, the Delano in Miami Beach and the Mondrian in Los Angeles, went to Cuba in 1994-95. "I was completely enchanted with the country," he says. "I was completely taken with it. To me what was interesting was Old Havana, like Venice, a special place frozen in time."