$24 million Residence Inn by Marriott coming to Town Center of Virginia Beach
Linkhorn Associates LLC, doing business as Coastal Hospitality, announced plans Tuesday for a $24 million Residence Inn by Marriott at the Town Center of Virginia Beach. The 100,000-square-foot building will be located on a two-acre site at 4401 Bonney Road. When complete in October 2018, it will have 120 rooms.
“This is a substantial investment in Town Center and adds another high-quality project to this thriving area,” Virginia Beach Economic Development Director Warren Harris, said in a statement.
Coastal Hospitality is a management company with more than 30 years of experience managing major brands in Virginia and North Carolina. The company, based in Virginia Beach, has developed several other hotels in the resort city including Fairfield Inn & Suites by Marriott, Holiday Inn Express & Suites, Holiday Inn Va Beach-Oceanfront, Sheraton Virginia Beach Oceanfront and Springhill Suites by Marriott.
The Virginia Beach Development Authority said it awarded Linkhorn Associates a $200,000 Economic Development Investment Program Grant based on the $24 million capital investment, which 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.
“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 a statement. “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.