British Virgin Islands

Tuesday, Dec 01, 2020

No Public Funds For Prospect Reef

No Public Funds For Prospect Reef

Public funds are not going to be injected into the repairs of the Prospect Reef resort; instead Government is pushing for a local private developer to take on the task. This is according to comments that were made by Premier and Minister for Finance Hon. Andrew Fahie in the House of Assembly on December 13.
The Prospect Reef resort was in need of repairs and renovation for years, and the situation was made worse by the 2017 hurricanes which severely damaged some areas and left the property abandoned.

In commenting on the intention for the property, Hon. Fahie said, “Prospect Reef down there people say well how you gon get this developed – I never tell you I gon do it. We will make sure we create the environment and send out a Request for Proposal. We don’t care who the person is once they come with a local and they’re part of a local team. That’s what we’re pushing for and they give us the five-star hotel down there we good with it. This is how we gon do this thing.”

In his 2020 budget presentation Hon. Fahie mentioned that Government will intensify its efforts to bring properties under the control of the Government, such as Prospect Reef, back into operation.

He announced, “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. Your Government commits that reconstruction of a hotel at Prospect Reef must take place during the current term of office.”

Hon. Fahie commented that such a venture, along with the return to service of our major privately-owned local hotels and resorts, will bring the Territory much closer to the desired medium-term room stock target of 5,000 when completed.

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