Plans to open hotel outside Charlottesville, Va., nixed

Financing obstacles have nixed plans for an independent hotel in Crozet, Va., just outside Charlottesville, reports Charlottesville Tomorrow. Owner David Hilliard said he had secured full funding for the equity but could not reach terms with the bank for the planned 52-room Rutherfoord Hotel. Crozet currently has no hotels.

“It’s disappointing to us that this particular project wasn’t able to come to fruition,” said Albemarle County spokeswoman Lee Catlin. “We think there is a strong demand for a lodging establishment out in that area, and we are very hopeful that a successful project will come to that area soon.”

Tim Tolson, president of the Crozet Community Association, agreed.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“I think it’s a shame,” Tolson said. “It could have been a major economic driver, particularly at that location … with all the people who live in the Old Trail area and the closeness to the downtown Crozet area.

“I keep scratching my head over what it takes for banks to invest in businesses and to invest in our community,” Tolson said. “Until that happens, it will severely impact economic growth in the area.”

Hilliard said Crozet was in need of a boutique hotel "because of the large number of wineries and cideries in the vicinity and because of the area’s high per capita income."

Read more on

Suggested Articles

Thayer Ventures led the investment, with Tiger Global, JLL Spark and Ashton Kutcher and Guy Oseary’s Sound Ventures among the others.

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Easyhotel said that it would focus on France and Spain as part of its “ambitious strategy” for growth.