VIRGINIA BEACH, Va. – Coastal Hospitality Associates will be building a new hotel in Virginia Beach Town Center.
“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.
“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.”
The 100,000-square-foot building will be located on a two-acre site at 221 Bendix road, Virginia Beach, VA 23452. Residence Inn Virginia Beach Town Center will feature 120 rooms and is planned to open in Spring 2019.
