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1 Virgin Islands Economic Development Commission Decision Meeting of Thursday, January 22, 2026 Summary Report During the Virgin Islands Economic Development Commission (“VIEDC”) Decision Meeting on Thursday, January 22, 2026, the Governing Board heard recommendations from the VIEDC Team regarding three (3) application matters and one (1) compliance matter, and voted as follows: Regular Session: ➢ Action Items: • Applications: A. CREF3 USVI Hotel Owner, Inc – Name Change/Amendment to Redevelopment Agreement CREF3 USVI Hotel Holdings Limited, an affiliate of Fortress Investment Group LLC, purchased the shares of DiamondRock Cayman Islands, Inc. ("DCI"), which is the sole shareholder of DiamondRock Frenchman's Owner, Inc. ("DRFO"). Subsequent to the acquisition, the name of Owner was changed to CREF3 USVI Hotel Owner, Inc. ("CREF3") and the name of DCI was changed to CREF3 USVI Hotel Member Limited. On December 23, 2021, USVIEDA acknowledged the change in the beneficial ownership of DRFO from DCI. to CREF3 USVI Hotel Member Limited effective May 19, 2021; and from DRFO to CREF3 effective June 4, 2021. On December 23, 2025, the USVIEDA received a petition from CREF3 requesting the Frenchman’s Reef Redevelopment Agreement (“Agreement”) and Developer’s Note be amended to reflect CFC USVI Hotel Owner, LLC (“CFC”) as the holder as of December 22, 2025. On January 9, 2026, USVIEDA received additional correspondence from CREF3 which stated, part, that the letter is being submitted on behalf of CFC, successor in interest to CREF3 d/b/a The Westin St. Thomas Beach Resort and Spa and the Morningstar Buoy Haus Beach Resort, in order to provide formal notification to the Virgin Islands Economic Development Authority of closing on the Share Purchase Agreement transferring the ownership of CFC’s immediate beneficial owner to CFC-FR, LLC, an Arizona limited liability company on January 7, 2026. In addition, the letter stated that CFC will remain in full compliance with all requirements under the Hotel Development Act and requested that the Agreement be amended to reflect CFC as the holder of the Agreement. The Governing Board voted (6 – 0) to: 1. Acknowledge CFC USVI HOTEL OWNER, LLC as a U.S. Virgin Islands limited liability company registered in Corporations & Trademarks on November 18, 2025. 2. Acknowledge the corporate merger in which CREF3 USVI Hotel Owner, Inc. d/b/a The Westin St. Thomas Beach Resort & Spa and the Morningstar Buoy Haus Beach Resort merged with CFC USVI HOTEL OWNER, LLC, a successor in interest, effective December 22, 2025. 3. Acknowledge that CFC-FR, LLC, an Arizona limited liability company, purchased one hundred percent (100%) of the shares of CREF3 USVI Hotel Member Limited, the sole beneficial owner of CFC USVI Hotel Owner, LLC. 2 4. Issue (1) a “Name Change Certificate” from CREF3 USVI Hotel Owner, Inc. to CFC USVI Hotel Owner, LLC, and (2) reissue the Third Modified and Fourth Extended Certificate to reflect said name change. 5. Require CFC USVI Hotel Owner, LLC to provide VIEDC a copy of the amended Hotel Management Agreement, and any amendments thereto over the term of tax incentives, for review and inclusion of relevant terms in its Certificate of tax incentives. 6. Require the Certificate of tax incentives to be amended to reflect the aforementioned name change and management information. B. DV USVI Investment, LLP – Petition to Correct Charitable Contribution Requirement On July 10, 2025, the Governing Board of the Virgin Islands Economic Development Commission (“VIEDC”) approved a grant of incentives to DV USVI Investment LLLP (“DV USVI”) own and operate a Category III hotel/guesthouse. DV USVI shall own, construct and develop a boutique hotel and amenities normally associated with a hotel to be located on Estate Smith Bay property St. Thomas, USVI. DV USVI is located on the island of St. John. By telephone call to VIEDC on January 12, 2026, DV USVI’s Legal Counsel requested a correction to their Charitable Contribution requirement. The Governing Board voted (6 – 0) to: 1. Approve an Amended Grant of Tax Incentives for DV USVI Investment, LLC, which shall now state, in relevant part, as follows: Charitable Contribution: Applicant/Beneficiary shall contribute a minimum of One Hundred Thousand Dollars ($100,000.00) annually to charitable causes in the USVI starting in the first twelve months following the commencement of tax incentives. Of the overall amount, at least Ten Thousand Five Hundred Dollars ($10,500.00) shall be directed annually toward educational assistance to residents of the USVI, and fifty-five percent (55%) of any such educational assistance shall be made to the Virgin Islands Department of Education for public school programs and initiatives pursuant to 29 V.I.C. § 708(m). The remaining amount shall be directed toward broad-based charities. 2. Require all other terms and provisions of the Grant of Tax Incentives approved by VIEDC at the Decision Meeting on July 10, 2025 to remain unchanged and in full force and effect. C. Lovango Island Holdings, LLP – Admission of Disregarded Entity On October 8, 2019, the Governing Board of the Virgin Islands Economic Development Commission (“VIEDC”) approved a grant of incentives to Lovango Island Holdings, LLP (“Lavango”) for the operation of a Category III Hotel/Guesthouse facility construction and management of a full-service resort with ancillary activities normally associated with a resort, to include a restaurant, beach club, pool, fitness club, vacation rentals, ferry and concierge services on Lovango Cay, St. John. Lovango also stated it will 3 establish one or more wholly-owned, disregarded subsidiaries through which it will hold title to the real property for the resort, and to carry out the above activities. Lavango is located on the island of St. John. On June 24, 2025, Lovango submitted a petition requesting the admission of a disregarded entity. The Governing Board voted (6 – 0) to: 1. Acknowledge and approve the establishment of LOVANGO ISLAND CONSTRUCTION, LLC as a wholly owned disregarded entity of Lovango Island Holdings, LLP pursuant to V.I. CODE ANN. tit. 29, § 714(c) to hold the Resort’s solar and power generation assets. 2. Require the Certificate of tax incentives to be amended to reflect the admission of the wholly owned disregarded entity, Lovango Island Construction, LLC, and the inclusion of the real property tax exemption, effective June 1, 2025. 3. Require all other terms and provisions of the Certificate executed on by the Chairman on May 31, 2024 to remain unchanged and in full force and effect. • Compliance: ❖ HISTORIC AREA REVITALIZATION PROJECT JOINT VENTURE (HARP JV) – Ratification of Pole Vote On April 15, 2025, the Governing Board of the Virgin Islands Economic Development Commission (“VIEDC”) approved a grant of incentives to Historic Area Revitalization Project Joint Venture (“HARP JV”), currently consisting of seven (7) joint venturers, for a period of 20 years. By letter dated October 31, 2025, HARP JV, through Erika Kellerhals, Esq., requested confirmation that: 1) contributions made to fund the New Classrooms Innovation Partners, Inc. and Vanderbilt Peabody School Program for Talented Youth, which benefit local U.S. Virgin Islands students, will be deemed contributions made to local charities as required by the language of HARP’s Certificate; and 2) Thirteen Thousand Seven Hundred Fifty Dollars ($13,750.00) of the total contributions made by HARP to St. Croix Educational Complex to fund student travel and accommodations for the Vanderbilt PTY program satisfies the requirement that fifty-five percent (55%) of HARP’s total contribution for educational initiatives be made to the DOE pursuant to V.I. CODE ANN. tit. 29, § 708(m) HARP JV is located on the island of St. Thomas. The Governing Board voted (6 – 0) to: • Ratify the following action taken via poll vote at a special decision meeting held on January 13, 2026: a. Acknowledge the approval by the Department of Education to allow HARPJV to make funds to the St. Croix Educational Complex in support of New Classrooms Innovation Partners, Inc. and Vanderbilt Peabody School Program for Talented Youth for the 2025 reporting year, which shall qualify as an indirect contribution to the Department of Education. This recognition is based upon the current approval by DOE and shall not imply endorsement for future years or contributions. b. THAT VIEDC find that New Classrooms Innovation Partners, Inc. and Vanderbilt Peabody School Program for Talented Youth are not U.S. 4 Virgin Islands (“local”) charities. c. THAT VIEDC require written confirmation from the Virgin Islands Department of Education certifying that New Classrooms Innovation Partners, Inc. and Vanderbilt Peabody School Program for Talented Youth, are public school programs and/or initiatives and require that HARPJV provide information on the USVI public school students that benefit from these programs.