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Gov’t inks investment agreement with JOMA for hotel & marina dev't @ Port Purcell

The Government of the Virgin Islands has inked an Investment Agreement with the family owned JOMA (Properties) Ltd, for the development of a new hotel and multi-purpose facility in the VI. Photo: GIS
Speaking at the event, Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) said the agreement that was signed this morning is with respect to a new 65-room boutique hotel complete with the restaurant, bar, retail shop, fitness center and more. Photo: GIS/Facebook
Speaking at the event, Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) said the agreement that was signed this morning is with respect to a new 65-room boutique hotel complete with the restaurant, bar, retail shop, fitness center and more. Photo: GIS/Facebook
One of the property developments by JOMA [Properties] Limited in Port Purcell. Photo: Facebook/File
One of the property developments by JOMA [Properties] Limited in Port Purcell. Photo: Facebook/File
ROAD TOWN, Tortola, VI - The Government of the Virgin Islands has inked an Investment Agreement with the family-owned JOMA (Properties) Ltd for the development of a new hotel and an upgrade to the marina at Port Purcell on Tortola.

The signing ceremony of the Investment Agreement between the Government and JOMA [Properties] Limited was held today, March 25, 2024, in the presence of Government officials and others. 

Speaking at the event, Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) said the agreement signed is for the development of a new 65-room boutique hotel complete with a restaurant, bar, retail shop, fitness centre and more.

Hon Wheatley said the agreement also includes an upgrade of the marina facilities in the Port Purcell area.

"This is a significant investment by JOMA, and it illustrates what we have been saying all along, the BVI is pregnant with opportunities and there are investors who have a lot of confidence in the BVI economy and our prospects for economic growth.” 

Premier Wheatley thanked JOMA [Properties] Limited for the confidence they are showing in the country and the economy by choosing to invest in these major development projects at this time. "JOMA’s renderings and development plans are very impressive and, when completed, the new facilities will transform the area which presently consists of warehouse-type structures,” the Premier said.

Host of benefits to come - Premier  

Further Premier Wheatley said development like the one inked with JOMA [Properties] presents a host of benefits for the VI and they also transform the aesthetics of the area where they are built.

“They create jobs during the construction phase, and JOMA has committed to as much as possible to using local contractors and subcontractors and local labour. These developments create opportunities to support business development and entrepreneurship. They'll create job opportunities when the facilities are completed and open for business,” he added.

Meanwhile, CEO of JOMA [Properties] Limited Collin O’Neil spoke of the company’s history and competence including expansion in other areas like the financial services sector.

"We hope that this partnership with the government will provide both parties with the opportunity to realise a project that benefits the investors, the Government and the people of the BVI," he said.

It is unclear the value of the investment by both parties.

39 Responses to “Gov’t inks investment agreement with JOMA for hotel & marina dev't @ Port Purcell”

  • Big Richard (25/03/2024, 19:04) Like (12) Dislike (10) Reply
    Won’t happen right away. All the pay offs and kickbacks still have to be negotiated
    • Local (25/03/2024, 20:53) Like (33) Dislike (0) Reply
      @Big Richard Mr Oneil does'nt do side deals he's an unfront clean business that know what he wants and have great expectations. A man with a vison we behind you Collin all the way.
    • Why??? (25/03/2024, 22:14) Like (23) Dislike (1) Reply
      Why is Government getting involved in the building of a hotel and marina?
      • por que? (26/03/2024, 08:35) Like (13) Dislike (2) Reply
        i was just coming on here to ask this.... the article is vague, the Premier's statement was vague, the info on JOMA's site is vague... WHO is the investor here JOMA or the gov, who will benefit from the arrangement, why isnt the agreement available for public viewing?
      • Hotelier (26/03/2024, 08:58) Like (5) Dislike (0) Reply
        Good point. Why is one operator ( wannabe operator ) receiving government money and assistance while others get nothing?
    • Thks Mr. Oneal. & JOMA. (26/03/2024, 00:52) Like (20) Dislike (3) Reply
      Your father must be laughing in heaven with joy and a proud heart to see how his children has continue his legacy in such a responsible and progressive way..Your family is admired. . Keep on keeping on. We are so proud of you all..
  • WOW (25/03/2024, 19:10) Like (1) Dislike (1) Reply
  • 123 (25/03/2024, 19:16) Like (3) Dislike (1) Reply
    the way 2 go
  • jack (25/03/2024, 20:03) Like (2) Dislike (10) Reply
    Locals have confidence in the vip
  • lol (25/03/2024, 20:33) Like (21) Dislike (4) Reply
    I like what Colin is doing in that area but to hear my Premier bragging about a 65 room hotel when our neighbors building 300 room hotels every other year. Clueless people.
  • ok (25/03/2024, 20:50) Like (28) Dislike (0) Reply
    Doesn't Government habe prospect reef on their agenda to clesr off first?
  • Yes (25/03/2024, 21:04) Like (20) Dislike (0) Reply
    What happened to Prospect?
  • No details given… (25/03/2024, 21:17) Like (14) Dislike (0) Reply
    What kind of agreement?
  • mad max (25/03/2024, 22:00) Like (13) Dislike (1) Reply
    Where is this? Why is Government getting into the hotel business?
  • just asking (25/03/2024, 22:37) Like (18) Dislike (0) Reply
    When is Prospect Reef going to be rebuilt?
  • Webster (25/03/2024, 22:49) Like (12) Dislike (0) Reply
    Well anything and everything that Colin touches turns to GOLD, so let’s see what happen here
  • Real Talk (26/03/2024, 00:14) Like (3) Dislike (2) Reply


  • Employment opportunity.. (26/03/2024, 00:47) Like (17) Dislike (2) Reply
    Collin was always my hope, my wish my prayers to be our Premier. To me the seat need switching. Anyhow this is a great move. I know collin will deliver. To me another Govt building to accommodate the large and getting larger civil service is of urgent priority. This is so easy to get done, to build this 3 storage building on the land port purcell round about for about $30 million something we will have for ever as our own this amount is only 3 yrs of what we pay in rental spaces..or alternatively rebuild prospect as another Govt official building to accommodate govt offices.. Reducing tbe 10s of millions in rental space should be a priority. Sad govt doesn't see it that way..
  • Roger Burnett (26/03/2024, 07:18) Like (5) Dislike (1) Reply
    "JOMA’s renderings and development plans are very impressive and when completed the new facilities will transform the aesthetics of the area where they are built.”

    Two hundred years ago the aesthetics of warehouses were on a par with cathedrals. A boutique hotel is incompatible with the port's function.

  • Smart? (26/03/2024, 07:21) Like (4) Dislike (4) Reply
    Yay I can’t wait to stay at a boutique hotel in such a beautiful area. Think of the exciting night life to had just a short walk from the hotel location. Great use of taxpayer money here BVI!
  • lol (26/03/2024, 07:47) Like (18) Dislike (0) Reply
    What is the actual Agreement? There is no information in the article. Does JOMA own the land and the development. Is the land leased from Government? Is money being paid to JOMA from Government? Is Government buying a stake in the property? I thought this was a JOMA owned and operated project. What is the role of Government in this Agreement?
  • Why (26/03/2024, 08:34) Like (10) Dislike (0) Reply
    great that Joma are doing this......really good. but we have a right to know just what partnership the government is should be transparent from the onset whether it be financial or otherwise.
    Isnt that what the premier is always transparent the government is operating.?
    tell us..its our tax dollars at work...or our government pledging assistance in other ways...maybe its additional sea bed leases..whatever..we have a right to kmow and know now
  • Karnage (26/03/2024, 08:49) Like (15) Dislike (0) Reply
    To me, the whole of Port Purcell needs to transform into a shopping and nightlife stroll. No trashy Spanish bars, please
  • bojan (26/03/2024, 08:49) Like (3) Dislike (0) Reply
    finally something that makes sense had to be some body told you to do that and you listen
  • Rubber Duck (26/03/2024, 09:00) Like (5) Dislike (1) Reply
    Best of luck. But do tourists really want to stay at Port Purcell? Not the prettiest part of the BVI. 65 rooms is hardly boutique either. Its a lot.
  • What? (26/03/2024, 09:07) Like (4) Dislike (0) Reply
    SOme transparency would be useful... (I know it seems like a futile observation).
  • FLOOD ZONE (26/03/2024, 09:44) Like (2) Dislike (0) Reply
    It will take GOOD engineering to fix the flooding problem in that Port Purcell area. No one will want to cross a flood to get to their hotel room. BUT good going Collin and the JOMA family for this investment venture.
    • VOTER6BVI (26/03/2024, 14:10) Like (1) Dislike (0) Reply
  • Typical (26/03/2024, 09:53) Like (8) Dislike (0) Reply
    Development agreements are often called partnerships by politicians because they are mutually beneficial. They usually have tax breaks for the developers, sea bed lease agreements, quick turnaround time for planning and building permits. In this instance it would more than likely include import duty tax breaks for construction materials, furniture, fuel, etc. and that could extend 5-10 years after the development is completed. Agreements like this also have infrastructural upgrades that can be done by the Government along with set timelines for the developers to complete their project. They can also have clauses that request developers adopt a school, hire a percentage of locals, create hospitality local learning capacity and faster turnaround timing for work permits. Development agreements are typical in the industry. Peter Island has one, Little Dix Bay had / has one, Scrub Island, etc. etc. Politicians can brag about job creation and positive economic injection and the developers get financial advantages to complete their projects.
    • Boo (26/03/2024, 14:08) Like (0) Dislike (0) Reply
      Pioneer status and then some?
      • Typical (26/03/2024, 16:53) Like (5) Dislike (0) Reply
        Possibly but a developer who is set in invest millions of dollars in the territory would be foolish and financially irresponsible if they did not get a development agreement in place with the government of the day.
  • kpt (26/03/2024, 10:06) Like (3) Dislike (0) Reply
    JOMA had plans to this even before Natalio Wheatley was a minister in the VIP government; I don’t think Mr. O’Neal will have the VIP government invest in anything with him.
  • ausar (26/03/2024, 10:42) Like (2) Dislike (2) Reply
    Instead of being concerned about the "who", in the project, let us be ecstatic about the fact that the territory is getting additional places to stay..

    We say we are a tourist destination. Then, we should encourage, especially from our own, developments, that will enhance our product, henceforth!

    I say, it's a good day!
  • james (26/03/2024, 10:45) Like (2) Dislike (3) Reply
    Will this joint venture hotel be up to BVI standards? U know like one stop hotel? Or the one hutums ghut or castle maria? How run down will this boutique hotel be? Will it come with rooms that should be in an ‘hourly’ hotel? Will free roaches come with your stay? Hope the rooms are adorned with burglar bars.
  • Mina J (26/03/2024, 11:20) Like (2) Dislike (0) Reply
    Way to go Collin...always have confidence in your have my blessings.
  • Ehh (26/03/2024, 19:10) Like (1) Dislike (0) Reply
    hotel in an industrial zone? they know what they're doing
  • GateKeeper (26/03/2024, 20:17) Like (2) Dislike (1) Reply
    “Gov’t inks investment agreement with JOMA for hotel & marina dev't @ Port Purcell.” The headline is touting an agreement between government and JOMA but it is severely lacking in details. If it is a joint investment, public Private Venture, etc, what is taxpayers involvement? Is JOMA getting pioneer status and if so for how long? Public resources are involved, so should not the public know what it is contributing to the partnership? Is government getting into the the hotel business? Shouid government be competing with the privste sector. Government should be getting involved in nonexcludable and nonrival projects, ie, schools, roads, other public infrastructure, etc.
  • Eldread (27/03/2024, 17:57) Like (0) Dislike (1) Reply
    Great to see a black entrepreneur signing to create real estate and not consumables like cars as black people been subjected to by the financial institutions, great to see the white savior complex thrown aside.

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