Tourism Dept. Touts Territory’s Success in Pitch to Outside Investors

The Department of Tourism wants to market the Territory as a hotspot for both tourists and investors alike.

While attending a recent conference of tourism executives, developers and operators, DOT Commissioner Joseph Boschulte touted the Territory’s success in the sector relative to its Caribbean counterparts throughout the COVID-19 pandemic in order to attract outside investment.

“I think there’s a lot of money that has been sidelined over the past 20 months that’s ready to go to work,” Boschulte said in a press release from the DOT. “They’re trying to find investment areas to go and we’re hopeful that the U.S. Virgin Islands is well positioned to be able to benefit from that.”

Since the outbreak of the COVID-19 pandemic, the tourism industry has experienced extensive losses. In 2019, the Caribbean suffered a 65.5% reduction in tourist arrivals. By comparison, the USVI saw a 35.1% loss that same year. In spite of the USVI’s ability to minimize the pandemic-induced damage to the tourism industry, the Territory hopes to strengthen its foothold in the crucial economic sector.

During the three day Caribbean Hotel Investment Conference & Operations Summit (CHICOS) in The Bahamas, Boschulte expressed optimism about the USVI’s future as peak winter travel season approaches, according to the DOT release. Boschulte reported that several hotels that had sustained damage during the 2017 hurricanes had recently come back online or were prepared to do so shortly.

“We have wonderful assets that are there to be marketed and enhanced, and my conversations here [at CHICOS] show that there is high interest for the USVI in terms of hotel development,” Boschulte said. “By being here, we have let the international investor community know that we are open and ready to work with them to develop hotel properties in the U.S. Virgin Islands. Furthermore, a healthy Caribbean in terms of tourism means that the USVI will continue to be successful.”

As the pandemic continues to rapidly alter travel procedures, Boschulte said that load factors, a metric which represents the utilization of public transportation, “are doing extremely well,” but the USVI must remain ready to adapt.

While Boschulte boasted that tourism in the land-based and charter yacht spaces “is alive and well,” he did note potential challenges on the horizon. Looking ahead, Boschulte speculated that cruise tourism will need more time to return to pre-pandemic levels.