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Prospect Reef Deal Signed

New life will finally be breathed into the Prospect Reef Hotel inTortola.

Premier and Minister of Finance, Dr. D. Orlando Smith, signed an agreement on July 7 for the redevelopment of the hotel.

Premier Smith said after being approached by the ICA (BVI) Group and discussions led by Permanent Secretary Brodrick Penn and his team, an agreement has been reached which will result in the property being developed with the additional services

Premier Smith said when the government purchased Prospect Reef in 2005, apart from having a hotel where increasing number of visitors can be accommodated, the idea was to have a conference centre that was large enough to hold major conferences of up to 400 persons, as there had been challenges with accommodation for such events.

He also indicated that the aim was to use the property to develop a culinary school and by extension training in all aspects of the hotel industry.

Managing Director of ICA (BVI) Group Corp, Mr. Ali Nawaz Shaikh who signed on behalf of the corporation stated that it had been a long road of negotiations with the government, noting that the process was tedious, but it’s a win for the people of the BVI because the hotel will be employing hundreds of people.

Works have already begun on the Prospect Reef Hotel under the new owners, with a team including architects, engineers, and master planners to visiting the territory at the end of July.

The redevelopment includes the construction of 150 rooms, condos/town houses, marina, conference centre, and parking lots.

A dolphin attraction, infinity pool, salt water pool and villas are also planned for the project estimated to cost $90 million.

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