|Bruce Thompson, CEO of Gold Key | PHR Hotels and Resorts, shared details on two Hampton Roads developments at the Governor's Infrastructure Financing Conference|
Through a Memorandum of Understanding with VTC, VRA provides technical assistance relating to the certification of qualifying localities and projects. Through VTC's Tourism Development Financing Program, funding is awarded to projects aimed at improving Virginia's economy.
The Cavalier Hotel Tourism Project is a recent example of VRA's involvement in such a crucial project. This venture is working to renovate the iconic, nearly 100-year-old Cavalier Hotel in Virginia Beach. Goals of the project include preservation and restoration of the historic hotel, development of a vibrant seaside residential community and the creation of an oceanfront hotel and conference center. The Cavalier Hotel Tourism Project is guaranteed to greatly impact its local community.
Tourism is Virginia Beach's second-largest industry, generating $1.28 billion each year and providing more than 12,000 jobs. The project received funding through the Tourism Development Financing Program with 80 percent developer-obtained funding and 20 percent gap financing. In the 2015 Session, legislation was passed by the General Assembly which changed the split to 70-30, respectively, thereby increasing the number of potential qualifying projects.