Business

New Operators of Hotel on the Cay Settles With Former Owners; Lawmakers Impressed With Development Plans

The previous owners of the Protestant Cay property on St. Croix, known as Hotel on the Cay, have reached a deal with the Government of the Virgin Islands and the new operators, which will allow the renovation and expansion of the 7.2-acre iconic hotel property.  Three hundred and thirty-three timeshare owners now have interest in the property until for 17 more years, or until 2039, according to Joel Holt, attorney for the new operators of Hotel on the Cay, expected to be renamed Christiansted Harbor Resort Hotel and Marina LLC. He explained that the government of the Virgin Islands evicted the timeshare owners and the timeshare owners had threatened to appeal. “We figured it’d be tied up in litigation for years because appeals take time and could be reversed, so we entered into an agreement with them to recognize the existing timeshare owners,” he said. The timeshare owners will be able to use the rooms but are not allowed to rent, mortgage or sell them, according to Mr. Holt, who d...