VIRGINIA BEACH, Va. – Town Center of Virginia Beach will be getting a new hotel when Residence Inn by Marriott moves in, costing $24 million to build.
The City of Virginia Beach says the 100,000-square-foot building located in the shopping center will hold 120 hotel rooms once the project is completed in October 2018. It will be located on a two-acre site at 4401 Bonney Road.
“This is a substantial investment in Town Center and adds another high-quality project to this thriving area,” said Virginia Beach Economic Development Director Warren Harris. “We thank Coastal Hospitality for their continued investment and confidence in Virginia Beach.”
Coastal Hospitality is the hotel management group that announced the plans.
The company is headquartered in Virginia Beach and has developed a number of other hotels in the Resort District including Fairfield Inn & Suites by Marriott, Holiday Inn Express & Suites, Holiday Inn Virginia Beach-Oceanfront, Sheraton Virginia Beach Oceanfront and Springhill Suites by Marriott and another Residence Inn by Marriott.
“Coastal Hospitality is thrilled to bring Residence Inn by Marriott, the nation’s leading extended-stay hotel, to the Town Center area,” says Russell Lyons, area director of operations. “The 120 rooms, which are all suites, have all the features a business traveler wants and will be an excellent complement to the thriving Town Center market. We are pleased to use the entirety of this grant to invest in new public streetscapes, lighting and sidewalks that the city has requested.”
The Virginia Beach Development Authority has awarded this project an Economic Development Investment Program grant.
This grant is in the amount of $200,000, and is based on the $24 million capital investment towards the project.
The investment includes $23.5 million in real estate and $500,000 in furniture, fixtures & equipment. The grant will be used to offset costs to enhance the streetscape to align with Town Center standards.