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Hotel revenues down 27% for January
Virginia hotel revenues for January 2021 were down 27% compared with January 2020, continuing the industry’s slow climb back to recovering from the economic impact of the coronavirus pandemic, according to data released Thursday from STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. For the same period, rooms […]
UPDATED: Golden Nugget, Wind Creek enter proposals to build Richmond casino
Updated 3 p.m., Feb. 24 Joining at least four other groups competing to be chosen as Richmond’s choice for a casino operator, bids from two other casino companies were made public Wednesday. Houston-based Golden Nugget Hotels & Casinos has proposed a $400 million casino project about six miles from downtown, and Wind C[...]
UPDATED: Richmond now has six major casino proposals
Updated Feb. 26 The city of Richmond is now considering six casino proposals, the mayor’s office announced Friday. Monday afternoon was the city’s deadline for its request for proposals, and all six submitted were deemed eligible. Starting next month, Richmond will hold public meetings with opportunities for citizen [...]
Short Pump Hilton enters receivership
The Hilton Richmond Hotel and Spa in Short Pump has entered receivership after its owner, Shamin Hotels, fell behind on loan payments, according to documents filed in Henrico County Circuit Court. In an order dated Jan. 21, Fairfax-based based Crescent Hotel Management Services LLC was named special receiver for the Short Pump H[...]
Business groups ask Va. lawmakers for higher PPP tax deductions
Virginia’s two legislative bodies have not yet agreed on an amount that Virginia businesses can deduct from federal Paycheck Protection Program loans they received last year, and how much of the loans they’ll have to pay state taxes on. Business groups are asking state lawmakers to allow higher deductions — especia[...]
Rush Street Gaming announces general contractor for Portsmouth casino
Rush Street Gaming, the developer and gaming operator for the upcoming $300 million Rivers Casino Portsmouth, announced Friday it has chosen a joint venture between Virginia Beach-based S.B. Ballard Construction Co. and Philadelphia, Mississippi-based Yates Construction as the resort casino’s general contractor. Ballard an[...]
Va. hotel revenues fell 42% in December 2020
Virginia hotel revenues for December 2020 were on trend for a year that saw the hospitality industry suffer from the pandemic. Compared with December 2019, hotel revenues statewide declined by 42% during December 2020, according to data released Monday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality […]
Virginia Beach revives resort office to bolster Oceanfront tourism
This summer, visitors to Virginia Beach’s resort area will be greeted by spruced-up properties, enhanced entertainment options and new tourism ambassadors. These are just some of the city’s efforts to improve the 40-block commercial district through its restored Resort Management Office. City Council is allocating $1.1 milli[...]
Hilton to sell $1.5B in private debt offering
While the hospitality industry continues to struggle amid the pandemic, McLean-based Hilton Worldwide Holdings Inc. announced Tuesday it will sell $1.5 billion in debt in a private offering to institutional buyers. This mark’s Hilton’s second major debt offering within the past couple of months. In November 2020, Hilton announced its $1.9 billion debt offering, from […]
Colliers International Virginia names senior VP, asst. VP of capital markets team
Colliers International Virginia announced Thursday it has hired Prashant Merchant as senior vice president of the company’s capital markets team and Nic Wade as assistant vice president. Merchant and Wade most recently led the hospitality division for California-based real estate brokerage Marcus and Millichap Inc. In their ne[...]
Richmond city government solicits proposals for resort casino
Richmond has issued a request for qualifications/proposals, the first step in launching a competitive process for bringing a resort casino to the state capital, subject to voter approval. Earlier this year, Gov. Ralph Northam signed legislation allowing five economically challenged cities — including Richmond — to open casin[...]
Short Pump Hilton faces receivership, foreclosure
The Hilton Richmond Hotel and Spa in Short Pump, the flagship of Chester-based Shamin Hotels’ empire, may change hands as a result of the COVID-19 pandemic. According to a complaint filed in Henrico County Circuit Court on Dec. 2, 12042 West Broad Street Holdings LLC, the Bethesda, Maryland-based noteholder on the property, al[...]
