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Marriott International : Peninsula Town Center plans to bring Element hotel to former Macy's site

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06/23/2017 | 04:34am CEST

June 23--Peninsula Town Center is looking to bring a modern, higher-end extended-stay hotel brand called Element to the former Macy's site, according to city documents.

Element Hotels is a Westin Hotels-inspired brand owned by Marriott International Inc. and is on par with Marriott brands including Aloft Hotels, SpringHill Suites and Residence Inn, according to the Marriott Development website.

T Peninsula Hotel VA LLC, an affiliate of Peninsula Town Center owner Tabani Group, agreed to operate an Element hotel or comparable brand approved by the city and Economic Development Authority for up to $2.1 million grants based on a minimum capital investment of $11.3 million, according to its performance agreement with the city and EDA. The hotel would have a minimum of 120 rooms, three stories and a minimum of 1,000 square feet of meeting space.

The former Macy's building is still in the demolition process, with the hotel planned at the southern portion of the site along McMenamin Street and apartments planned for the northern part of the site, according to the site plan.

On Tuesday, Hampton EDA approved a resolution to work with the ownership of Peninsula Town Center in pursuing tourism zone gap financing through a state program for the Element hotel project. Potential gap financing, if the amount exceeds $585,000, could offset some of the grant funding, according to the performance agreement.

Element, which launched in 2006, would be a new brand to the Hampton Roads region and to Virginia, according to Element's list of locations online. Element hotels offer fully equipped kitchens and have an eco-friendly focus, according to its website.

Marriott International referred comment to Peninsula Town Center, but representatives did not return messages by Thursday evening.

The EDA also approved a five-year, $125,000 Downtown Hampton and Phoebus Retail Incentive Program grant to 504-520 N. King St. LLC -- the redeveloper of the Armory building -- based on a capital investment of $2.3 million. The developer is converting the former National Guard Armory building at 504 N. King St. into The Vanguard Brewpub and Distillery.

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Bozick can be reached by phone at 757-247-4741. Sign up for a free weekday business news email at TidewaterBiz.com.


(c)2017 the Daily Press (Newport News, Va.)

Visit the Daily Press (Newport News, Va.) at www.dailypress.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 22 138 M
EBIT 2017 2 503 M
Net income 2017 1 533 M
Debt 2017 7 778 M
Yield 2017 1,24%
P/E ratio 2017 25,99
P/E ratio 2018 21,98
EV / Sales 2017 2,13x
EV / Sales 2018 2,07x
Capitalization 39 363 M
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Marriott International Inc Technical Analysis Chart | MAR | US5719032022 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 105 $
Spread / Average Target 1,4%
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Arne M. Sorenson President, CEO, COO & Director
John Willard Marriott Executive Chairman
Tim Sheldon Global Chief Operations Officer
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
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