HAMPTON — Gov. Ralph Northam announced Friday that more than $17.3 million will be invested in the in this city to establish the Starwood Hotels and Resorts | Element Hotel.
This investment will create 22 new jobs and spur approximately $2 million in annual direct economic impact from traveler spending, according to a news release from Northam’s office.
Support for the project will come from the Virginia Tourism Corporation’s Tourism Development Financing Program, a gap financing program for larger-scale tourism development projects.
The project reflects a total capital investment of more than $17 million and a projected local tax benefit of $234,000 during the first full year of operation, according to the news release.
This is the sixth project approved under the Commonwealth’s TDFP.
The hotel is slated to open in fall of 2018.
T Peninsula Hotel VA, LLC will build a 120-room upscale, environmentally-friendly, Element branded hotel at the site of a former Macy’s department store at Peninsula Town Center.
The hotel, the first of its kind in the state, will feature extended-stay rooms, meeting space, a rooftop terrace, a fitness center, and an indoor pool, according to the governor’s office.
“The upscale Element Hotel will be a welcome addition to the Peninsula Town Center, and we appreciate the state’s investment in Hampton’s future,” said Hampton Mayor Donnie Tuck. “This hotel is in keeping with City Council’s strategic vision for Hampton as we look to better serve both residents and visitors.”