Coastal Hospitality Plans $24 Million Residence Inn by Marriott at Town Center of Virginia Beach

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. October 19, 2017

VIRGINIA BEACH, VA. October 19, 2017 - Linkhorn Associates, LLC, d.b.a. Coastal Hospitality, announced plans for a $24 million Residence Inn by Marriott to be located at 4401 Bonney Road in the Town Center of Virginia Beach. The 100,000-square-foot building will be located on a two-acre site with 120 hotel rooms when complete in October 2018.

“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 a full-service hotel management company with more than 30 years of experience managing major brands in Virginia and North Carolina. 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 VaBeach-Oceanfront, Sheraton Virginia Beach Oceanfront and Springhill Suites by Marriott and another Residence Inn by Marriott.

The Virginia Beach Development Authority has awarded Linkhorn Associates, LLC an Economic Development Investment Program grant in the amount of $200,000 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," 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."

Residence Inn is the pioneer and leader of extended stay hotel brands with more than 700 all-suite hotels on four continents. Marriott International, Inc. is a leading global lodging company with more than 6,000 properties in 122 countries and territories, reporting revenues of more than $17 billion in fiscal year 2016. Founded by J. Willard and Alice Marriott and guided by family leadership for nearly 90 years, the company is headquartered in Bethesda, Maryland.

About Virginia Beach Department of Economic Development

The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach is the most populous city in Virginia with a population of 450,000, and it is the 37th largest in the United States. The Department of Economic Development received re-accreditation through the International Economic Development Council in 2016 and is one of only 50 economic development organizations in the world to have this recognition. Most recently, Virginia Beach was named America's #1 best big city to live in by wallethub.com. For more information, visit www.yesvirginiabeach.com.

Contact:
Warren Harris
wharris@vbgov.com
757-385-6464

Julie Hill
jhill@vbgov.com
757-385-4436