U.S. Virgin Islands hopes to spur hotel expansion with new hotel development law
CHARLOTTE AMALIE — The U.S. Virgin Islands took another in a series of strategic moves designed to encourage economic development under the aegis of Governor Albert Bryan, Jr.
The expanded Hotel Development Bill, No 33-0104, signed into law on October 7 allows hotel developers to channel a percentage of room revenue to finance renovating existing properties and building new hotels.
Administered through the U.S. Virgin Islands Economic Development Authority (USVIEDA), the bill was created to “encourage and promote economic growth in the territory and incentivize construction of new hotels and resorts including commercial and other related facilities.”
“The signing of this bill is a game-changer for the Territory’s hospitality industry. It will significantly benefit hotels, resorts, and small businesses impacted by increased tourism and accelerate opportunity for employment in the territory,” said Kamal Latham, CEO of the U.S. Virgin Islands Economic Development Authority.
Read more: https://vifreepress.com/2019/11/u-s-virgin-islands-wants-to-spur-hotel-expansion-with-new-hotel-development-law/
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