Premier and Minister for Finance Andrew Fahie has pledged to breathe new life back into the hurricane-ravaged Prospect Reef Resort before he demits office.
Fahie said having the state-owned resort back into operation will considerably assist in increasing the territory’s room availability for tourism purposes.
While delivering his budget address for the upcoming 2020 fiscal year recently, Fahie said: “Your government commits that reconstruction of a hotel at Prospect Reef must take place during the current term of office. Such a venture, along with the return to service of our major privately-owned local hotels and resorts, will bring us much closer to our desired medium-term room stock target of 5,000 when completed.”
Weighing other options
In the meantime, the leader of government business further said he is considering other options as it relates to state-owned resorts such as Prospect Reef.
“An attractive formula is to partner with large international brands that have a global marketing structure already in place and which are synonymous with high-quality service. Invitations for expressions of interest will be going out soon,” he reasoned.
As it relates to his plans to ‘accelerate’ the expansion and upgrade of the territory’s room stock, Fahie said: “Your government intends to ensure applications for hotel aid tax relief are turned around within three months of the submission of completed documents.”
The government is the majority shareholder of Prospect Reef.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.