NORFOLK, Va. (WAVY) - An agreement has been reached between the City of Norfolk and Gold Key/PHR Hotels & Resorts to build a facility at the corner of Main and Granby Streets.
Lori Crouch with the City of Norfolk said the agreement means a luxury 300 bed hotel, 50,000 square foot conference center and 600 space parking facility. The announcement was made by Mayor Paul Fraim Thursday.
"The City is pleased to work with Bruce Thompson and Gold Key/PHR Hotels & Resorts on the development of a full-service luxury hotel and technologically advanced conference center," Fraim said. "This is an important moment for Norfolk. The hotel and conference center project follows closely on the heels of Waterside's revitalization. These companion projects add $150 million of new development, more than 1,000 new jobs and will grow and diversify our economy."
Crouch said the $126 million hotel/conference center will generate about $2 million a year in tax revenue. The project will also create 500 jobs.
No new money is needed for the public/private partnership. Crouch said the hotel is a $64 million private investment while the conference center is a $42.5 million public investment.
"We will begin work with our designers immediately to develop a very unique urban hotel and restaurant complex," said Bruce Thompson, CEO Gold Key/PHR Hotels & Resorts. "Inspirations from the design will come from the SLS HOTEL in Los Angeles, W Hotels, the Delano Miami, The Hudson in New York City and other iconic urban inner city properties with a little "edge" around the country."
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