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Tue Nov 12, 2019, 07:22 AM

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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Reply U.S. Virgin Islands hopes to spur hotel expansion with new hotel development law (Original post)
TexasTowelie Nov 2019 OP
braddy Nov 2019 #1

Response to TexasTowelie (Original post)

Tue Nov 12, 2019, 08:09 AM

1. Isn't that what profit is for, expanding and growing your business?

 

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