VIPA, Royal Caribbean Group, and Cruise Terminals International Commemorate Crown Bay District Redevelopment Signing

St. Thomas, U.S. Virgin Islands (18 December, 2025)  — The Virgin Islands Port Authority (VIPA), Royal Caribbean Group (RCG), and Cruise Terminals International (CTI) celebrated the signing of a landmark agreement to redevelop the Crown Bay District into a vibrant, mixed-use destination for residents and visitors during a ceremony held on Wednesday, November 17, 2025 at Austin “Babe” Monsanto Marine Terminal in Crown Bay, St. Thomas. The agreement marks a transformative collaboration between the public and private sectors, representing a major investment in the Territory’s tourism and economic prospects.

The redevelopment of Crown Bay will modernize the waterfront by transforming Crown Bay Center into a vibrant, tourism-focus area with improved commercial, recreational, and cultural spaces. The project will deliver significant financial benefits for the community, including generation of new jobs during the construction phase and ongoing operations, creation of new entrepreneurial opportunities for local businesses, and significantly enhanced opportunities for local taxi drivers and tour operators.

In attendance at the ceremony were USVI Governor Albert Bryan Jr.; Lt. Governor Tregenza Roach; Senator Milton Potter, President of the 34th Legislature; Jennifer Matarangas-King,  Commissioner of Tourism; members of the VIPA board of directors; and representatives from Cruise Terminals International and Royal Caribbean Group.

VIPA Executive Director Carlton Dowe shared his excitement for the landmark agreement, stating, “This initiative represents the future of tourism in the U.S. Virgin Islands. To remain competitive in the rapidly changing global tourism sector, we must continue to innovate and invest in experiences that meet modern travelers’ expectations while benefiting our local community. The redevelopment of the Crown Bay District aims to achieve this goal. It will enhance our current standing and lay the groundwork for the next generation of economic growth, opportunities, and destination development.”

“Royal Caribbean Group proudly supports the revitalization of the Crown Bay District. By delivering elevated experiences for our guests while also paying respects to the local culture and delivering significant economic benefits to the community, we can collectively usher in a new future for U.S. Virgin Islands,” said Josh Carroll, senior vice president, Destination Development, Royal Caribbean Group.

Kevin Goldstein, Head of Development for the Americas for Cruise Terminals International, affirmed that “Crown Bay is a priority destination within CTI’s global portfolio, and this agreement provides the underpinning for a very significant and substantial long-term investment into St. Thomas and the U.S. Virgin Islands. We are extremely excited to continue collaboration with our partners at Royal Caribbean Group and Virgin Islands Port Authority toward the realization of this ambitious and exciting redevelopment of Crown Bay.”

To learn more about the milestone initiative reshaping Crown Bay and strengthening the U.S. Virgin Island as a premier Caribbean destination, please visit: royalcaribbeangroup.com/news

About Royal Caribbean Group: 

Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 68 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns a 50% joint venture interest in TUI Cruises, which operates partner brands Mein Shiff and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help shape the future of leisure travel. Learn more at royalcaribbeangroup.com or rclinvestor.com.

Media Contact:

corporatecommunications@rccl.com

About CTI

CTI is a strategic partnership between Royal Caribbean Group (NYSE: RCL) and funds advised by iCON Infrastructure LLP (“iCON”). 

CTI develops, finances and operates world-class cruise infrastructure in order to enhance passenger experiences and drive economic growth in key cruise destinations worldwide.

About iCON

iCON is an independent, FCA authorized investment firm advising and managing funds with over $12 billion of capital. iCON focuses on making long-term equity investments in private, mid-market, infrastructure businesses located in Europe and North America.   iCON is a long-term investor with an extensive track record of partnering alongside strategic counterparties that share a similar focus on growth, operational excellence and sustainability. iCON’s funds invest across a range of infrastructure sectors including transport, energy & environment, healthcare, telecommunications, energy generation, distribution and storage.  Learn more at www.iconinfrastructure.com.