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Economic Development

Posted on: June 20, 2018

State: More than $17M will be invested to establish Element hotel at Peninsula Town Center

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June 20, 2018 - Gov. Ralph S. Northam announced today that more than $17 million will be invested in Hampton to establish the new Element Hotel at Peninsula Town Center, creating 22 jobs and spurring an economic impact of more than $2 million in annual traveler spending.

The project will receive support through the Virginia Tourism Corporation’s Tourism Development Financing Program, a gap financing program for larger-scale tourism development projects that is geared toward fostering partnerships with developers, localities, financial institutions, the Virginia Resources Authority and the Tourism Corporation. Rita McClenny, president and CEO of Virginia Tourism, was at the hotel site Wednesday morning for the announcement.

The project reflects a projected, local tax benefit of more than $234,000 in its first full year of operation. The upscale Element, a Starwood Hotels and Resort brand, is slated to open in the fall of 2018.

T Peninsula Hotel VA, LLC is building the 120-room, environmentally-friendly hotel at the site of the former Macy’s department store. The first of its kind in Virginia, the Element hotel will feature extended-stay rooms, a meeting space, rooftop terrace, fitness center, and indoor pool. The hotel will add new lodging options for travelers and provide guests with easy access to many shopping and dining options within the immediate area.

 

DSC_1267Touring a room at the Element, which should be completed later in the year. 

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