Strong Opportunities for Tourism Investment
Tourism is thriving in the U.S. Virgin Islands as the primary economic driver, accounting for more than half of GDP and employment.
The USVI welcomes over two million visitors per year, a significant number for strategic business opportunities. Retail stores, event and meeting spaces, car rentals, recreational and water activity organizers, sporting venues, casinos and more all benefit from tourists vacationing in hotels and visiting on cruises.
The Hotel Development Act is designed to assist in the development of new hotels, resorts and other related tourism facilities in the U.S. Virgin Islands. The legislation allows hotel developers to use a portion of their hotel occupancy and casino taxes to repay long-term loans, which can help in obtaining financing for projects.
Major hotel properties on St. Croix currently include: Chenay Bay Beach Resort; Club St. Croix Beach and Tennis Resort; Hibiscus Beach Resort; Tamarind Reef Resort, Spa & Marina; and the Palms at Pelican Cove, among others.
St. John is home to unspoiled landscapes and scenic views, with the following resorts: Caneel Bay Resort; Gallows Point Resort; Sirenusa; and The Westin St. John Resort and Villas.
Major hotels on St. Thomas offer luxurious accommodations near plentiful shopping: Anchorage Beach Resort; Best Western Emerald Beach Resort; Bolongo Bay Beach Resort; Crystal Cove at Sapphire Beach; Frenchman’s Reef; Sugar Bay Resort & Spa; and the Ritz-Carlton, among others.
Not only does the Hotel Development Act apply to the USVI’s three main islands, but it can also be applied toward development on Water Island. The smallest of the four islands, Water Island is easily accessible by a short ferry from St. Thomas. Water Island offers relaxing, laid-back activities such as kayaking and biking, and is often visited by cruise ship passengers.