Airport Hotel and Mixed-Use Development Opportunity
St. Croix - United States Virgin Island
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Site Summary
• The site is strategically located directly across the street from the Henry E. Rohlsen Airport in St. Croix (STX).
• STX is located about six miles southwest of Christiansted on St. Croix.
• In 2023, the Henry E. Rohlsen Airport (STX) received approximately 320,000 passengers.
• The airport is undergoing a substantial $350M expansion project that will significantly increase airlift capacity.
• The airport primarily serves destinations such as Miami (95,230 passengers), Fort Lauderdale (46,450 passengers), and inter-Caribbean routes like San Juan and St. Thomas.
This proposed hotel development site is located on ten-acres and offers quick and easy pedestrian access to the airport terminals.
Additionally, the site is equipped with all the necessary infrastructure to support the development of a modern mixed-use complex, including utilities, road access, and communication services.
This advantageous location and ready-to-develop infrastructure make it a highly promising site for the construction of hotels, retail spaces, offices, and other mixed- use functions.
The land is owned by the Virgin Islands Port Authority and will be provided to the hotel development through a very advantageous long-term ground lease.
Land is part of the USVI Vision 2024 strategic development plan and is categorized a “High Priority” for development.
Proposed Development
• 120 Keys Aiden Hotel by Best Western
• 100 Standard Rooms
• 20 Extended Stay
• Amenities
• Restaurant
• Pool
• Gym
• 8,000 Sqft Retail & Event Center
• 100 feet to the airport
• Beach views and access
• Fully off-grid onsite energy generation
Site Boundaries
Site Plan Rendering
Why Develop Hotels in St Croix Now?
• Expanded airlift and airport redevelopment will attract more visitors.
• The USVI Hotel Development Act provides compelling incentives for hospitality development.
1. St Croix hospitality market has been underdeveloped compared to St Thomas and St John
2. USVI government is very focused on expanding tourism in St Croix
3. Development Momentum is building with several other projects in the pipeline
• US Territory – all flights from the mainland US are domestic.
• 2024 saw an increase in US visitors to the Caribbean.
• Growth in St. Croix’s RevPAR (Revenue per Available Room) increased in 2024 by 9.3, signaling a rising tourism market.
Hotel Occupancy
In 2023, the U.S. Virgin Islands experienced consistent Hotel Occupancy Rates, with an average of 63.9%.
Historically occupancy rates were lower in 2017 at 44.1% and continued to increase through 2019, reaching 51.4%. The COVID-19 pandemic significantly impacted the tourism sector, leading to a decrease in occupancy to 34.9% in 2020. However, from 2021 onwards, there was a steady recovery, with occupancy rates rising to 63.2% in 2021, then maintaining high levels at 62.6% in 2022 and 63.9% in 2023. The data shows a strong rebound post-pandemic, with occupancy levels surpassing pre-pandemic rates.
Short-term homestay accommodations, such as those offered by Airbnb, are estimated to consist of 436 establishments in the USVI, with a minimum estimated capacity to accommodate 432,820 overnight guests annually.
USVI Airport Expansion Project
The Virgin Islands Port Authority (VIPA) has initiated comprehensive redevelopment project for the Henry E. Rohlsen Airport in St. Croix. This will allow for increased airlift to fully take advantage of St Croix’s 10,000+ foot runway which can accommodate aircraft of all sizes.
Total Project(s) Cost: $350M* Construction Commencement: Anticipated to begin mid to late 2025. Awarded Contractors and Partners:
• Aecon Group Inc.: Serving as the developer and lead constructor.
• Tikehau Star Infra: Acting as an equity partner.
• J. Benton Construction: Local construction partner based in St. Croix.
• Avports LLC: Responsible for operations and maintenance.
* includes airport expansion in St. Thomas as well.
Renderings of New Airport
Pre-Development Budget
Project Timeline
Sponsor Overview
Steven Boughner
Steven A. Boughner has served as President of Great Neck, New York– based GSB Holdings Corp. since 1986, and as chief executive officer since 1996. GSB is a boutique real estate investment and mortgage banking firm.
Over the last ten years the firm has provided services to over $1 billion of transactions. Consulting services provided by the firm include a direct connection and gateway between US EB-5 regional centers, EB-5 project developers, US immigration attorneys, EB-5 professionals, China immigration agents, and investors in China and around the globe
Boughner, who has over 40 years of experience, began his career at Lehman Brothers as a real estate investment banker after graduation from Columbia University After spending several years there, he moved to Lepercq, de Neuflize & Co , a boutique investment bank where he specialized in real estate finance and development The partners of the firm included E. Robert Roskind and Bill Kimpton, who went on to create Kimpton Hotels.
Boughner has two daughters and five grandchildren The family is involved in a number of civic and charitable organizations, many of which are centered around the Boughner’s interest in raising money for and developing social programs that address the needs of underprivileged people in the United States and around the world
Walter W. Tomyn, P.E.
Senior Engineer, Virgin Islands Port Authority
Directed 26 aviation and marine projects on St. Croix worth $40M.
Engineering Consultant
Inspected and managed residential, commercial, and historical projects for public and private clients, including National Park Service and HUD initiatives.
Tomyn Enterprises, Inc.
Developed residential communities and managed environmental consulting, saving corporations significant penalties through negotiation and supervision of corrective actions
Envotech (EQ): CEO & Project Engineer
Built and led hazardous waste treatment facilities; developed innovative waste processing methods; achieved record sales and income
Ford Motor Company: Construction Engineer
Oversaw large-scale projects, including Fairlane Town Center, Hyatt Regency Dearborn, and automotive facility expansions in Ohio and Michigan
Education:
• MS, Civil Engineering – University of Akron
• BS, Civil Engineering – Wayne State University
Certifications & Memberships:
• Licensed Professional Engineer (USVI)
• Life Member: NSPE & ASCE
• Board Member, BBLA Homeowners Association
Bob Boughner
Industry Leader with 30+ Years In Gaming and Hospitality
Boyd Gaming Corp:
• Key driver in Boyd’s transition to a national company and IPO (1993)
• President of Borgata Hotel Casino & Spa, Atlantic City: Led development, pre-opening, and operations of a top-tier casino resort (2,000 rooms, 161,000 sq. ft. gaming space)
• EVP & Chief Business Development Officer: Directed $1 45B Peninsula Gaming acquisition, launched online gaming, and led $100M property improvement program.
Current Role:
Senior Partner, Global Market Advisors:Advising on resort, hospitality, and casino market entry, asset evaluation, feasibility, M&A, and operations.
Board Memberships & Advisory Roles:
• Southwest Gas Corporation
• San Manuel Band of Mission Indians
• The ComOps Group
• Qualee Technology, Pte Ltd
• Vegolution Private Limited
Professional Affiliations:
Founder: Bob Boughner Center for Career & Alumni Studies (UNLV), supporting hospitality career development
Board Member:
• The Meadows School (K-12, Las Vegas)
• Anti-Defamation League (Nevada regional chapter)
Q Modular
Team Overview
Millenium.
Steven A. Boughner has served as President of Great Neck, New York– based GSB Holdings Corp. since 1986, and as chief executive officer since 1996. GSB is a boutique real estate investment and mortgage banking firm.
Over the last ten years the firm has provided services to over $1 billion of transactions. Consulting services provided by the firm include a direct connection and gateway between US EB-5 regional centers, EB-5 project developers, US immigration attorneys, EB-5 professionals, China immigration agents, and investors in China and around the globe
Boughner, who has over 40 years of experience, began his career at Lehman Brothers as a real estate investment banker after graduation from Columbia University After spending several years there, he moved to Lepercq, de Neuflize & Co , a boutique investment bank where he specialized in real estate finance and development The partners of the firm included E. Robert Roskind and Bill Kimpton, who went on to create Kimpton Hotels.
Boughner has two daughters and five grandchildren The family is involved in a number of civic and charitable organizations, many of which are centered around the Boughner’s interest in raising money for and developing social programs that address the needs of underprivileged people in the United States and around the world
Senior Engineer, Virgin Islands Port Authority
Directed 26 aviation and marine projects on St. Croix worth $40M.
Engineering Consultant
Inspected and managed residential, commercial, and historical projects for public and private clients, including National Park Service and HUD initiatives.
Tomyn Enterprises, Inc.
Developed residential communities and managed environmental consulting, saving corporations significant penalties through negotiation and supervision of corrective actions
Envotech (EQ): CEO & Project Engineer
Built and led hazardous waste treatment facilities; developed innovative waste processing methods; achieved record sales and income
Ford Motor Company: Construction Engineer
Oversaw large-scale projects, including Fairlane Town Center, Hyatt Regency Dearborn, and automotive facility expansions in Ohio and Michigan
Education:
• MS, Civil Engineering – University of Akron
• BS, Civil Engineering – Wayne State University
Certifications & Memberships:
• Licensed Professional Engineer (USVI)
• Life Member: NSPE & ASCE
• Board Member, BBLA Homeowners Association
Industry Leader with 30+ Years In Gaming and Hospitality
Boyd Gaming Corp:
• Key driver in Boyd’s transition to a national company and IPO (1993)
• President of Borgata Hotel Casino & Spa, Atlantic City: Led development, pre-opening, and operations of a top-tier casino resort (2,000 rooms, 161,000 sq. ft. gaming space)
• EVP & Chief Business Development Officer: Directed $1 45B Peninsula Gaming acquisition, launched online gaming, and led $100M property improvement program.
Current Role:
Senior Partner, Global Market Advisors:Advising on resort, hospitality, and casino market entry, asset evaluation, feasibility, M&A, and operations.
Board Memberships & Advisory Roles:
• Southwest Gas Corporation
• San Manuel Band of Mission Indians
• The ComOps Group
• Qualee Technology, Pte Ltd
• Vegolution Private Limited
Professional Affiliations:
Founder: Bob Boughner Center for Career & Alumni Studies (UNLV), supporting hospitality career development
Board Member:
• The Meadows School (K-12, Las Vegas)
• Anti-Defamation League (Nevada regional chapter)
IMPORTANT INFORMATION CONCERNING THIS PRESENTATION
DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND IN THIS PRESENTATION
EN Capital & AG&T (ENC/AG&T): Neither entity is registered as a securities broker-dealer or investment advisor with the U.S. Securities and Exchange Commission or any state securities regulatory authority. ENC/AG&T are not licensed or qualified to provide investment advice and accept no liability for any errors, omissions, or reliance on this material. Global Strategies Group, LLC: This company is not a registered investment advisor or broker-dealer. It makes no claims regarding the accuracy, likely outcomes, or reliability of the use of this information.
Forward-Looking Statements: Certain statements in this presentation are forward-looking, based on assumptions, expectations, or projections about future events. These statements involve known and unknown risks and uncertainties. Neither ENC/AG&T nor Global Strategies Group, LLC assumes any obligation to update or revise forward-looking statements.
No Tax, Legal, or Accounting Advice: ENC/AG&T and Global Strategies Group, LLC do not provide tax, legal, or accounting advice. This presentation is prepared solely for informational purposes and should not be relied upon for such advice. Please consult your own tax, legal, and accounting advisors before making any transaction decisions.
Confidentiality: This presentation contains confidential and proprietary information regarding the Best Western Aiden Town House project in St. Croix. The information herein is intended for the exclusive use of designated recipients and must not be reproduced, shared, or distributed without the written consent of Global Strategies Group, LLC.
No Offer or Solicitation: This presentation is not an offer to sell or a solicitation to buy any securities or investments in the project. It is intended solely for informational purposes. Investment decisions should be made independently and based on thorough review, with professional guidance.
Reliability of Information: Data, statistics, and information contained herein are believed to be accurate as of the date provided, sourced from public reports, internal data, and third- party providers. No express or implied warranties are made regarding the completeness, accuracy, or reliability of this information by ENC/AG&T or Global Strategies Group, LLC.
Investment Risks: Investments in hospitality and real estate development carry substantial risks, including market volatility, regulatory changes, and potential delays in project completion. Prospective investors should carefully assess their risk tolerance. This presentation does not constitute investment advice or an assurance of returns.
No Liability: EN Capital, AG&T, Global Strategies Group, LLC, and their affiliates, officers, directors, employees, and advisors disclaim liability for any direct, indirect, incidental, consequential, or punitive damages resulting from reliance on this presentation.
Development Advisors
EN Capital is a capital advisory firm focused on commercial real estate, renewable energy and space companies The firm is active across the United States, Puerto Rico, other Caribbean Markets and LATAM ENC provides advisory on project capitalization, corporate credit & M&A.
Nathan Whigham is the Founder and President of EN Capital. He has been in the capital markets and finance industries since 2006 and has been involved in over $1B of transactions up and down the capital stack across a variety of transaction types in corporate credit, commercial real estate, renewable energy and other market segments. He holds a graduate certificate in Space Law through the Law School at the University of Mississippi, an MBA from the Marshall School of Business at the University of Southern California and a BS in Systems Engineering from the University of Arizona He is a licensed real estate broker in California. Nathan is a board member of the Puerto Rico Space Foundation and a Non-Executive Board Director of USPACE Technology Group Limited, a publicly traded satellite manufacturing company listed on The Stock Exchange of Hong Kong Limited (1725.HK).
AG&T is a leading Caribbean development and advisory company since 1993. We focus on creating resilient and sustainable real estate projects
Our track record spans over:
55 Projects
30 Years
1.5 Billion USD in Value
18 Caribbean Islands
Key services include:
• Hotel Development and planning
• Commercial Real Estate Sales
• Capital Advisory (Equity | Debt)
Office Locations:
Miami, Palm Beach, and Puerto Rico
American Infrastructure Development, Inc (AID) is a Florida Corporation, established in 2009, to provide airports with comprehensive engineering and planning services.
AID has provided airfield design, planning, and construction management services at over 65 airports. We have had tremendous opportunities working on airport projects varying in size and ranging from $25,000 to $88,000,000 in construction costs. Our experience includes large hub air carrier airports as well as many general aviation airports.
AID has five (5) office locations. We have 3 Florida locations: Tampa (Corporate), Orlando, and Venice. We also have offices in St. Croix (USVI) and Washington, D.C.
