Wednesday, August 17, 2022

$24 million hotel will be ready for guests October 2018

The 120-room, 100,000-square-foot Residence Inn by Marriott will open October 2018. (Courtesy Residence Inn by Marriot)

VIRGINIA BEACH – By this time next year, Town Center will offer another lodging option for tourists.

City officials announced on Tuesday that a Residence Inn by Marriott, located at 4401 Bonney Road, will provide 120 guest rooms in a 100,000-square-foot building. Construction of the building, which is scheduled to wrap this time next year, is estimated at $24 million.

“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 in a news release. “We thank Coastal Hospitality for their continued investment and confidence in Virginia Beach.”

Headquartered in Virginia Beach, Coastal Hospitality will operate the property. The company is a full-service hotel management company with more than 30 years of experience managing major brands like the Resort District including Fairfield Inn & Suites by Marriott, Holiday Inn Express & Suites, Holiday Inn VaBeach-Oceanfront, Sheraton Virginia Beach Oceanfront and Springhill Suites by Marriott and another Residence Inn by Marriott.

Linkhorn Associates, LLC was given a $200,000 Economic Development Investment Program grant based on the $24 million capital investment – $23.5 million of which is real estate and $500,000 towards furniture, fixtures and equipment. The grant will be used to offset costs to enhance the streetscape to align with Town Center standards.

According to the release, the program grant will be used to “offset costs to enhance the streetscape to align with Town Center standards.”

The release said Residence Inn is “the pioneer and leader of extended stay hotel brands,” with more than 700 all-suite hotels. Marriott International, Inc., headquartered in Bethesda, Maryland, has more than 6,000 properties in 122 countries and territories with upwards of $17 billion in revenue during the 2016 fiscal year.

“Coastal Hospitality is thrilled to bring Residence Inn by Marriott, the nation’s leading extended-stay hotel, to the Town Center area,” Russell Lyons, area director of operations, said in the release. “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.”

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