BVI signs agreement for multi-million-dollar hotel deal

Prospect Reef Resort - Caribbean National Weekly News

An agreement for the redevelopment of the government-owned Prospect Reef Hotel in the British Virgin Islands has been signed by the government and the ICA (BVI) Group Corporation.

The agreement is expected to lead to hundreds of jobs under the project that will cost approximately US$90 million.

The announcement was made following the signing between ICA Group representative Ali Nawaz Shaikh, and Premier and Minister of Finance Dr. D Orlando Smith.

Government statement

According to a statement issued by the Government’s Information Service, Shaikh said that it has been a long road of negotiations with the government, noting that the process was tedious.

“The key thing here is that we have signed an agreement, and we are going to go forward, and I think it’s a success and a win for the people of the BVI, because we will be employing hundreds of people,” he said.

Shaikh further stated that works have started and a team including architects, engineers, and master planners will visit the British Virgin Islands (BVI) at the end of the month.

150 additional rooms

“The components of the project include the construction of 150 rooms, condos/town houses, marina, conference center, and parking lots. There will also be dolphin attraction, infinity pool, salt water pool, and villas,” added the BVI government.

Smith, in remarks following the signing, noted that Government saw the need to continue the development of the territory’s tourism product and financial services in 2005. He added that the purchase of Prospect Reef gave Government an opportunity to move into the direction of development.

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