The city is contributing $16 million to the $144 million cost of the project. The per-room development cost equates to $205,714, a lofty 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 at an estimated cost of $32 million.

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • 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.

Development
Hotels