{"id":1004068457,"date":"2013-03-08T14:22:04","date_gmt":"2013-03-08T22:22:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=107790"},"modified":"2020-04-15T11:20:04","modified_gmt":"2020-04-15T19:20:04","slug":"gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\/","title":{"rendered":"Gold Key\/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Taking a step toward fulfilling a decade-old quest, <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/Hotel_Conference_Center_web.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-107791\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/Hotel_Conference_Center_web.jpg\" alt=\"\" width=\"251\" height=\"300\" \/><\/a>Norfolk city officials announced a deal March 1 to build a $126 million hotel, conference center and parking facility downtown.<\/p>\n<p style=\"text-align: justify\">As part of a public\/private partnership, Gold Key\/PHR Hotels &amp; Resorts will build a 300-key upscale hotel, a 50,000-square-foot conference center and 600-space parking structure at the corner of Main and Granby Streets, on a site the city spent around $16 million to clear.<\/p>\n<p style=\"text-align: justify\">Gold Key\/PHR &amp; Resorts will finance the\u00a0$64 million cost of the hotel. The city will pay for the $42.5 million conference center using revenue from the Public Amenities Fund, which levies a 1 percent tax on meals and lodging. Officials say that the fund generates enough money to cover the debt service on the conference center without additional sources of financing. Revenue from the city&#8217;s\u00a0parking fund will cover the $19.5 million cost of the parking structure.<\/p>\n<p>&#8220;This is an important moment for Norfolk,\u201d commented Mayor Paul D. Fraim. \u201cThe hotel and conference center project follows closely on the heels of Waterside\u2019s revitalization. These companion projects add $150 million of new development, more than a thousand new jobs and will grow and diversify our economy.\u201d<\/p>\n<p>Bruce Thompson, CEO of Gold Key\/PHR Hotels &amp; Resorts, said that SLS HOTEL in Los Angeles, W Hotels, the Delano Miami, The Hudson in New York City and other properties will provide inspiration for the hotel&#8217;s design.<\/p>\n<p style=\"text-align: justify\">Rendering courtesy of the <a href=\"https:\/\/www.norfolk.gov\">City of Norfolk.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The city of Norfolk has announced last Friday it has reached an agreement with Gold Key\/PHR Hotels &amp; Resorts to build a new hotel, conference center and parking facility downtown. The total cost of the project is estimated at $126 million.<\/p>\n","protected":false},"author":925,"featured_media":1004507042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[3457,3452],"class_list":["post-1004068457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-richmond-hampton-roads","tag-hampton-roads","tag-richmond"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gold Key\/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Key\/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex\" \/>\n<meta property=\"og:description\" content=\"The city of Norfolk has announced last Friday it has reached an agreement with Gold Key\/PHR Hotels &amp; Resorts to build a new hotel, conference center and parking facility downtown. The total cost of the project is estimated at $126 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-08T22:22:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T19:20:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Hotel_Conference_Center_web.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Gold Key\\\/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex\",\"datePublished\":\"2013-03-08T22:22:04+00:00\",\"dateModified\":\"2020-04-15T19:20:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/\"},\"wordCount\":258,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Hotel_Conference_Center_web.jpg\",\"keywords\":[\"Hampton Roads (No longer used)\",\"Richmond\"],\"articleSection\":[\"Richmond\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/gold-keyphr-norfolk-strike-deal-for-126m-hotel-convention-center-complex\\\/\",\"name\":\"Gold Key\\\/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex - 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