Downtown Norfolk, VA
TYPE OF OWNERSHIP
As a principal, JMS capitalized this 405-room full-service convention hotel with equity and debt financing. In addition, JMS arranged the sale of the hotel and dissolution of the ownership entity.
Living room lounge
Concierge guest rooms
Indoor pool and health club
Specialty retail outlet
45,000 sf of banquet & meeting space
The city of Norfolk had been working for nearly 20 years to change the city's unfavorable image as a decaying Navy town and to stimulate economic activity. Recognizing the enormous economic potential of the Norfolk waterfront as a destination for tourists and conventions, our development team proposed the construction of a new hotel and convention center as a catalyst for revitalization of the downtown area. To finance development of the $37-million, 405-room, full-service convention hotel, we secured private debt and equity funding to build the hotel on land leased from the city. The city provided public financing for a city loan to cover operating shortfalls and other investments. The $15-million adjacent Waterside Convention Center and $5-million parking facility were funded by public financing and built on city-owned land. Public investment amounted to approximately 36% of the total. Since the initial vision, additional projects have been added to the downtown area including a waterfront festival shopping mall, a AAA league professional baseball park, a waterfront redevelopment, a maritime museum, and a large regional shopping mall with leading retail anchors.
As a result of the City of Norfolk's forward thinking, downtown Norfolk has gained significant returns through economic revitalization and increased taxes and employment. It has become a successful convention destination and viable competitor in the regional meetings market. The hotel won the AH&MA International Gold Key Award for Excellence in Hospitality Design. It is designated as one of the top choices of meeting planners by Meeting News magazine and numerous meeting planners.
The Norfolk Waterside Marriott Hotel and Waterside Convention Center projects have stimulated economic activity in downtown Norfolk and were awarded numerous development awards.