New tourism development financing project in Manassas announced
Holladay Properties will invest $13.95 million in the City of Manassas to establish a Tru by Hilton hotel, creating 35 new jobs and spurring approximately $2.8 million in annual direct economic impact from traveler spending.
“The Tru Hotel is a welcome addition to our Commonwealth’s ever-growing tourism economy,” said Gov. Ralph Northam. “Tourism development is critical to positioning Virginia as a premier travel destination and projects like this will help Manassas continue to attract visitors and businesses, bringing new jobs and generating significant economic impact for the region.”
The project will receive support through the Virginia Tourism Corporation’s (VTC) Tourism Development Financing Program (TDFP), a gap financing program for larger-scale tourism development projects, geared toward fostering partnerships with developers, localities, financial institutions, the Virginia Resources Authority, and VTC. The project reflects a total capital investment of $13.95 million and a projected local tax benefit of nearly $370,000 during the first full year of operation. This is the seventh project approved under the Commonwealth’s TDFP.
Manassas Gateway Hotel LLC will construct a modern 98-room midscale property at the 40-acre Landing at Cannon Branch mixed-use development in Manassas, Virginia. Tru by Hilton is Hilton’s new midscale brand, which caters to the millennial traveler for both business and leisure travel. The hotel is slated to open in early fall 2020.
“Tourism is an instant revenue generator—last year, travelers to Manassas spent $71 million, which provided 600 work opportunities and resulted in $5.3 million in state and local taxes,” said Secretary of Commerce and Trade Brian Ball. “With the addition of the Tru Hotel, more and more visitors will now be able to come to Manassas, staying longer, and spending more money, which will help grow and support our economy and communities.”
“This is an important addition to the City of Manassas and will enhance the traveler experience by offering a unique, modern lodging option for both business and leisure travelers,” said Rita McClenny, President and CEO of Virginia Tourism Corporation. “Travelers who love history, fine dining, action-packed sporting events, arts, and culture will now have a fantastic place to stay after a busy day of taking in all Manassas has to offer.”
“Tru is the perfect addition to the largest mixed-use development in the City’s history and reinforces the sense of place to which we aspire,” said Mayor Harry J. Parrish II. “This new hotel will serve the state’s busiest general aviation airport, some of Virginia’s largest corporations, and many of the Commonwealth’s most significant historical, arts, and leisure assets.”
More information on the Virginia Tourism Development Financing Program is available here.