British Virgin Islands Premier and Minister of Finance Andrew Fahie has signed an agreement with Peter Island Ltd. for the redevelopment of its resort on behalf of the BVI government.

Fahie said in a press release that the government’s support of this redevelopment signals its commitment to the revitalization of the territory’s tourism product and its efforts to create jobs for the people of the British Virgin Islands.

“I promised you during the 2020 Budget Address that my government will work with resorts like Peter Island Resort to return to service in order to accommodate our overnight visitors, which gives an additional boost to our post-disaster room stock,” Fahie said. “By adding this development you, the people of this territory, can see that we will be much closer to our desired medium-term room stock target of 5,000 as outlined in the 2020 budget. This will further increase the economic activity in the territory and will benefit all stakeholders in the industry.”

According to Fahie, the construction phase of the development will create approximately 160 local jobs. Upon completion, the resort is expected to contribute no less than 50 jobs and internship opportunities for hospitality students. The redevelopment of the resort, he stated, will empower the people of the territory to embrace the many opportunities the tourism industry has to offer and garner the experience and develop skills needed to thrive professionally.

The redevelopment of the Peter Island Resort and Spa includes 52 rooms and suites and three villas. The reopening of the hotel’s main sections will be completed in December 2021. The development is expected to project $18 to $22 million into the BVI economy per annum, according to the press release.