Ripe for Hotel and Resort Development
With miles of pristine coastline and large expanses of land ideal for golf courses, the U.S. Virgin Islands is ripe for hotel and resort development. The Hotel Development Program is designed to assist in the development of new hotels, resorts and other related tourism facilities in the U.S. Virgin Islands. The legislation allows hotel developers to use a portion of their hotel occupancy and casino taxes to repay long-term loans, which can help in obtaining financing for projects.
The Hotel Development and Finance Program Act (“HDA”) was enacted in 2011, and subsequently amended in 2018 (Act 8030), and thereafter in 2019 (Act 8056) to include amongst other amendments the Economic Recovery Fee (“ERF”) Incentives.
The extension and expansion of the Act, which was originally limited to the islands of St. Croix, St. Thomas and St. John, will allow ample time for the application process for developers considering investment in any of the islands, including Water Island, a quiet 492-acre island, located in Charlotte Amalie harbor just off St. Thomas.
Learn more about eligibility for the benefits of the Hotel Development Program.
USVIEDA CEO Wayne Biggs, Jr. gives an interview during the 27th Annual International African American Hotel Ownership and Investment Summit in Miami, FL.