The city is contributing $16 million to the $144 million cost ofthe project. The per-room development cost equates to $205,714, alofty figure, considering many non-convention hotels were built for$50,000 per room only five years ago.

Also going up is a $20-million Courtyard by Marriott, a$19-million Residence Inn, and a Hilton Garden and Hampton Inn atan estimated cost of $32 million.

Charlotte's leaders are aggressively pushing new hotelconstruction to handle the area's $2.8-billion-a-year tourismindustry. The metropolitan area has lost several large conventiondates over the years because it could not house the visitors,according to the Charlotte Convention & Visitors Bureau.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.