The developer of a luxury hotel in Charlottesville, Va., secured a new loan for the property and has plans to begin construction this year.
Carr City Centers, the developer of a new Marriott Autograph Collection boutique hotel in Charlottesville, secured a $25.8-million loan to begin development. SunTrust Bank supplied the loan, and the property will be built adjacent to the existing University of Virginia Medical Center.
When the project was first announced, the hotel was known as the Sycamore House Hotel. However, since then the property has dropped that name, and a new name will be announced in the near future, a spokesperson from Carr City Centers said in a statement.
When completed, the 10-story hotel will consist of a ground floor, three floors of parking and six floors of hotel rooms with 150 guestrooms and suites. In addition, the property will also include a restaurant, fitness center, 3,000 square feet of meeting space and a business center. Carr estimates the hotel will generate 70 full-time jobs for the city.
“This financing is a key step toward completion of the Marriott Autograph Collection Hotel, which enhances the city’s vision of creating a more vibrant West Main Street,” Austin Flajser, president of Carr City Centers, said in a statement. “The property will provide guests with upscale accommodations and generate a positive financial impact for Charlottesville.”
The general contractor for the project will be Donohoe Construction Co., and development is expected to begin in the third quarter of 2016 for a Q4 2017 opening. Donohoe Hospitality Services will manage the hotel’s operations, while Carr City Centers and Donohoe will both own the property through a joint venture.