The Virgin Islands has about 3,865 hotel rooms that have the capacity to accommodate about 207,000 visitors in a year, according to data in the business case for the proposed Terrance B. Lettsome International Airport expansion project.
However, the territory also has at least 2,000 other places that visitors can rent via online listings on sites such as Airbnb, HomeAway, Flipkey and VRBO.
The latter set of accommodations is a major sector of what’s known as the “sharing economy,” which also includes ride-sharing services like Uber, crowd-funding sites like GoFundMe, and many other industries that have arisen in recent years.
While many view the sharing economy as a threat to the status quo — taxi drivers, for instance, have mounted campaigns to ban Uber in various jurisdictions — Caribbean Hotel and Tourism Association CEO Frank Comito said that it poses many opportunities for economic growth.
Speaking at a BVI Chamber of Commerce and Hotel Association luncheon last week, Mr. Comito listed ways the VI could benefit by embracing the sharing economy.
Citing CHTA survey results, Mr. Comito said that 91 percent of travellers want to “live like a local.” This could be a huge boon for property owners who don’t live in the typical hotel districts, he said.
“[The sharing economy is a] tremendous opportunity for local ownership of the tourism industry,” Mr. Comito said.
The sharing economy can also benefit established economies by pairing it with housekeeping, laundry services, spa packages and other services, he said.
Moreover, “formalising” the sharing economy could benefit the VI by promoting more of what the territory has to offer, he said.
“We’re not even factoring [the sharing economy] in our airlift negotiations,” he said.
However, the sharing economy also poses risks, such as room services not maintaining the same quality standards as hotels
“They should be taxed like any other business, and have standards they’re required to meet,” he said.
Failing to properly regulate the sharing economy could damage the territory’s reputation, he warned.
“It’s not the property that gets blamed; it’s the destination,” he said.
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