Bryan signed revised Hotel Development Act into law on Oct. 7

Gov. Albert Bryan Jr. signed a revised Hotel Development Act into law on Oct. 7, expanding the program beyond new hotel and resort construction to include reconstruction, renovation, restoration and improvement of existing properties.

The Hotel Development Act was first codified in 2011 to provide incentives for commercial and hotel development through new construction. Under the revised law, those incentives also applied to damaged and existing hotel properties.

The law also established an Economic Recovery Fee, allowing hotels to add a charge of up to 7.5% to a guest bill in addition to the hotel occupancy tax to help finance qualified development. The fee was to appear as a separate line item and be deposited into a separate trust fund for uses approved by the developer or hotel property, including securing a hotel note or self-financed construction.

According to Government House, the law applied throughout the U.S. Virgin Islands, including Water Island. The legislation was sponsored by Sen. Kurt Vialet.

Official source: https://www.vi.gov/governor-bryan-signs-improved-hotel-development-act-into-law/