Prospect Reef project to be transferred to Financial Services Ministry
Many governments have promised but failed to redevelop Prospect Reef Resort, which was further damaged by Hurricane Irma in 2017; however, Premier Wheatley is determined to see the project materialise.
“Madam Speaker, the subject of Prospect Reef will be transferred to the Ministry of Financial Services, Economic Development and Digital Transformation to support effective delivery of this important national project under the investment mandate assigned to the Ministry,” Premier Wheatley stated during the Second Sitting of the Third Session of the Fifth House of Assembly of the Virgin Islands on Thursday, January 15, 2026.
Premier Wheatley is the Minister for the Ministry of Financial Services, Economic Development and Digital Transformation.
According to the Premier, Cabinet has taken steps to advance the re-development of Prospect Reef Resort, including the endorsement of the recommendations made by the Prospect Reef Management Company to proceed with the receipt of proposals from interested firms.
“The company will issue a formal request for proposals to the interested firms in short order,” the Premier stated.
'4-star or higher-rated hotel' envisioned
Premier Wheatley had indicated in October 2025 that redevelopment work on the long-awaited Prospect Reef Resort could begin in 2026.
Government previously said it was seeking firms capable of developing, financing, and operating the resort for a minimum of 50 years—a facility meeting or exceeding the standards of a four-star hotel, offering consistently high-quality service and amenities.
“We envision a four-star or higher-rated hotel, with at least 150 rooms and modern conference facilities capable of hosting up to three hundred delegates and offering exceptional service and amenities catering to leisure and business travellers,” Premier Wheatley stated during his 2nd Annual Territorial Address at Maria’s by the Sea on Tuesday, May 20, 2025.
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20 Responses to “Prospect Reef project to be transferred to Financial Services Ministry”
At this point, though, the ball is really in Government’s court. If they want this transaction to happen, they have to make the process workable—clear, efficient, and free of the kind of unnecessary bureaucracy that so often slows these things down.
And honestly, my real hope is that locals can step up and put together a consortium to buy it. Because there’s something powerful about keeping ownership and opportunity in the hands of people who actually live here and have a stake in the long-term future of the Territory.
all kind of race, can come and get their Marina and hotel set up private no issue, but we cant get sh** done together
Gatting qualified staff to be able to manage and operate the facility is such a big headache that will negate any return on your investment.