The Colonial Heights City Council and the Economic Development Authority has approved an economic incentive grant for Kaylan Hospitality to build a Townplace Suites by Marriott hotel beside the Comfort Inn Suites at 937 South Avenue near American Family Fitness. This is also near a Walmart and Chick-fil-a.
The grant consists of a partial rebate of lodging tax collected over a three-year period, in exchange for Kalyan Hospitality constructing a Townplace Suites by Marriott in the subject location.
After the hotel is built, Kaylan Hospitality will be reimbursed 50 percent of the lodging tax that the Townplace Suites collects during its second calendar year in operation and a reimbursement of 25 percent of the lodging tax that the hotel collects in each of its third and fourth calendar years in operation.
The economic incentive grant requires that the completed Townplace Suites be five stories high and having approximately 111 guest rooms.
We will update you when we have more information.
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