Title
Resolution of the City of Hampton, Virginia (“City”) (i) Approving the Transfer of a City-Owned Parcel Housing a Former Pump Station, Located at 1910 Commerce Drive, LRSN: 13003968 (“Pump Station Site”) to the Economic Development Authority of the City of Hampton (“EDA”) (ii) Approving the Terms and Conditions of a Development Agreement between the EDA, the City and Hampton Lodging Partners LLC for the Sale and Redevelopment of 1905 Coliseum Drive, LRSN: 7001266 (“Hotel Site”) and Adjacent Pump Station Site (collectively, the “Property”) for a New Hotel, (iii) Approving the Terms and Conditions of a Cooperation Agreement between the City and the EDA and (iv) Authorizing the City Manager or her Authorized Designee to Execute and Deliver the Deed to the Pump Station Site, the Development Agreement, the Cooperation Agreement and any and all Agreements, Deeds, and Other Instruments, that are in Substantial Compliance with the Aforesaid Documents with such Modifications as agreed to by the City Staff with the Concurrence of the City Attorney
Purpose
PURPOSE/BACKGROUND/DISCUSSION/IMPACT:
Hampton’s current hotel stock is high in extended stay and limited service accommodations which do not necessarily meet the demands of event attendees, convention planners and regional tourists considering Hampton. The number of modern full service and select service hotels is insufficient to support the current and future needs and consequently constrains other tourism related activities in Coliseum Central and throughout the City of Hampton.
A recent study by Hunden Strategic Partners concluded that business at Hampton Roads Convention Center plateaued over the past three to five years due to limitations of the room block potential. According to the study, there are only 440 quality hotel rooms within walking distance of the Hampton Roads Convention Center and a grand total of 850 quality hotel rooms in the City. The appropriate room block for the Hampton Roads Convention ...
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