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June 14, 2008
GOVERNOR DISCUSSES DISPOSITION OF SBA’S INTEREST IN ST. CROIX’S HOTEL ON THE CAY During his most recent trip to Washington, D.C., Governor John P. deJongh, Jr. met with U.S. Small Business Administration (SBA) officials as regards its disposition of its fifty percent (50%) interest in Hotel on the Cay. "The strategic location of this property and Government’s underlying ownership of the property requires that we consider the long-term use of the property especially as we focus on the revitalization of downtown Christiansted. This requires that we be proactive and not reactive to those that will want us to partner with them." SBA gained title to a portion of the property after a development corporation defaulted on a loan years ago. DeJongh said the V.I. government is interested in long-term future and development of the property. Under the present ownership arrangement, the hotel has not been modernized, nor has it kept pace with changes in the hotel industry. "The government’s move to have active discussions with SBA come as part of the Administration’s efforts to increase hotel rooms in St. Croix and as we focus on St. Croix brand, " deJongh added. The governor noted that going forward would be subjected to a court-driven process because the property is in receivership. |
