Prospect Reef project shifts to Financial Services ministry
The state-owned Prospect Reef Hotel on Tortola
The redevelopment of Prospect Reef Resort will soon be formally transferred to the Ministry of Financial Services, Economic Development and Digital Transformation, as the government seeks to accelerate delivery of the long-delayed project and align it more directly with its investment mandate.
Premier Dr Natalio Wheatley made the announcement while delivering an update on tourism and national development initiatives in the House of Assembly recently, outlining Cabinet’s latest decisions on the future of the state-owned property.
Dr Wheatley said the Prospect Reef Management “will issue formal requests for proposals to the interested firms in short order,” signalling the next procedural step in the redevelopment process.
The Premier also told the House that responsibility for Prospect Reef would move from its previous administrative arrangement to the Financial Services ministry to support more effective execution.
“The subject of Prospect Reef will be transferred to the Ministry of Financial Services, Economic Development and Digital Transformation to support effective delivery of this important national project under the investment mandate assigned to the ministry,” he said.
The resort, once a flagship hotel and conference facility, has remained derelict for years despite repeated government commitments to redevelop the site.
Cabinet’s latest endorsement follows recommendations from the Prospect Reef Management Company and comes amid renewed scrutiny over governance and oversight of the project. The Premier’s update did not include a timeline for construction or reopening.
The announcement also comes amid recent criticism of management arrangements for Prospect Reef, with questions raised about the project’s budget allocations. Dr Wheatley did not address those criticisms directly but framed the transfer as part of a broader push to move from policy intent to implementation.
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Every time Myron or the other opposition representatives call out the government they go straight to do what was said. Otherwise we would get no action out of them. Set of jokers. How long prospect reef is like this.
This is actually a smart strategic move by the Premier. Hon. Lorna Smith has a reputation for getting things done—she’s not just about the talk, she executes and delivers. And because she has real credibility and long-standing connections in the financial world, she’s in a strong position to bring serious investors to the table for a project like this.
At this point, though, the ball is really in Government’s court. If they want this transaction to happen, they have to make the process workable—clear, efficient, and free of the kind of unnecessary bureaucracy that so often slows these things down.
And honestly, my real hope is that locals can step up and put together a consortium to buy it. Because there’s something powerful about keeping ownership and opportunity in the hands of people who actually live here and have a stake in the long-term future of the Territory.
I WONDER IF WE COULD SHIFT THE ASIA QUESTION TO HER? WHERE IS THE $5MILLION?
Sell it to the Chinese create another laundromat another Hotel with loads of rooms but invisible guests just like TI
If Myron hadn’t call them out, you would never see these reactionaries do a thing, and even now they are still not doing anything, they are playing with our brain by shifting the nomenclature, it’s like moving it from one department of government and put it in another government department, so they created the situation and come with the solutions, the onliest how that would be any difference in the prospect reef runaround is if Daniel pruce was to take it over administratively, because as we saw is that Myron the opposition was able to get them off their lazy minds.
But anyway people, prospect reef will remain as is, nothing will happen because shifting it to different government department is not the key, because it is still under inexperienced natalio Wheatley administration, if prospect reef was a party or fete, or if the venue was to be prepared for a concert, then you will see natalio Wheatley in action.
Kicking the can down the road
Hope this is Not another BOA Debacle or Investment Club…
It is. The word on the street is the Premier is hell bent on giving this property to who he say. Just like governments before him, I hear he is using execution of process and tendering to cover up his c**-artist, co88upt game.
One thing Virgin Islands always get top marks for is tearing each other down. Crabs in a barrel mentality. When will it end?
you have a man in there working for 3 years getting paid $100,000 a year and only now? what has he been doing?
And please give us the name of the lucky person with a $100,000 salary!!!