Hotel Roanoke Provides $616 Million Boost to the Region’s Economy Amidst Downtown Development Frenzy

The landmark Hotel Roanoke and Conference Center has released a study confirming the facility has contributed over $616 million to the Roanoke economy since reopening twenty years ago.  The operation contributed $40 million to the region’s economy last year alone.  

 

The report also revealed the high demand for lodging in the Roanoke downtown area, the center for culture, entertainment, and commerce in the Roanoke metro.    Occupancy set a record in 2014 at 83 percent.   

 

The Hotel Roanoke announced its economic impact as downtown Roanoke continues on a rapid growth trajectory.  According to Downtown Roanoke Inc., there are now more than 1,100 housing units in downtown.  More than $403 million has been invested in downtown projects since 2009.  Projects under construction include The Bridges – a $100 million mixed-use project, an $8 million 70 unit apartment and retail building at 206 Williamson Road, and the $17 million Hampton Inn and Suites on the City Market.

 

The Williamson Road project is remarkable as it is totally new downtown residential construction which is a signal that the market can support ambitious developments of this type without historic tax credits.  The Hampton Inn and Suites, being built atop a city-owned parking garage is expected to help the Hotel Roanoke conference center attract larger conferences and likely fuel future development at the southern end of the City Market. 

 

The Hotel Roanoke and Conference Center Economic Impact Analysis shows us that significant public investments, such as the Hotel Roanoke and Conference Center, when well-planned and executed, can serve as catalysts for future growth and development.