Virgin Islands Hotel Development Financing Corporation set Dec. 8 hearing on up to $500 million bond issue

The Virgin Islands Hotel Development Financing Corporation said in a notice dated November 28, 2025, that it scheduled a public hearing for December 8, 2025, on a proposed bond issuance of up to $500 million for the benefit of CFC-FR, LLC.

The hearing was set for 10 a.m. Atlantic Standard Time and was to be held virtually by telephone and video conference under Section 147(f) of the Internal Revenue Code.

According to the notice, proceeds from the revenue notes, bonds or other obligations would be loaned to the borrower to finance or refinance work at The Westin Beach Resort & Spa at Frenchman’s Reef and the Morningstar Buoy Haus Beach Resort at Frenchman’s Reef, Autograph Collection, at 5 Estate Bakkeroe, St. Thomas. The notice said the financing could be used to acquire, construct, enlarge, repair, renovate or otherwise improve the hotel project, fund reserve requirements, pay capitalized interest and cover issuance costs.

The corporation said the bonds would be special limited obligations of the issuer and would not constitute debt or liability of the Government of the Virgin Islands or any political subdivision. It said the bonds would be payable solely from sources provided in the bond proceedings.

The notice said members of the public could offer oral or written comments on the proposed bond issue, the project and the plan of financing at the hearing or by submitting comments before the hearing.

Official source: https://www.vi.gov/virgin-islands-hotel-development-corporation-files-notice-of-public-hearing/