Vermont Business Magazine Today, joined by Governor Phil Scott and Montpelier Mayor John Hollar, the Bashara Family announced plans to build a new 89-room hotel on their existing 3-acre property in downtown Montpelier. The hotel, a new, four-level parking structure, and a revitalization of the existing Capitol Plaza lot, is expected to bring over $17 million in new investment to Montpelier. The project will create 50-60 construction jobs during the year-long construction phase, and the Bashara Family estimates they will create 30-50 new jobs at the hotel.
“This project is an exciting step forward for our city as we work with other business leaders and our elected officials to revitalize and create a more vibrant downtown,” said Fred Bashara. “When complete, the new hotel and renovations to our existing Capitol Plaza, will be a new and modern gathering place for visitors to Montpelier.”
Governor Scott said, “This project is an important economic investment for downtown Montpelier. I’m pleased to join the Bashara family in celebrating this new venture, which will generate valuable economic activity in Vermont.”
Vermont-based DEW Construction Corporation has been selected to build the new Hampton Inn and Suites – a Hilton brand hotel. It will be located behind the Capitol Plaza adjacent to the train tracks.
“I am happy to be here today to help announce this important new economic development project in Montpelier,” said Mayor Hollar. “Together with other city leaders, we’re working hard to grow jobs and attract new residents to our great capital city, and this development is an important part of that effort.”
Bashara added, “The hotel will be run by our family and built by Vermonters, which will create added economic opportunity for our area. We’ve heard from some of our Capitol Plaza guests that they want access to broader loyalty programs, mobile apps and digital platforms like those offered by Hilton. We think the Hampton Inn and Suites, adjacent to our existing, award-winning Capitol Plaza Hotel and Conference Center is a great combination.”
The new hotel will include an attractive parking structure, green space, and a pool and fitness center. The Bashara family will be working closely with city leaders to address parking needs and traffic flow. The family estimates that revenue from the hotel will generate an additional $300,000 annually in rooms and meals taxes for the state. And the Hilton brand brings access to over 60 million Hilton Honors members and modern travelers who could visit Montpelier, eat at downtown restaurants, and visit Montpelier’s entertainment options and retail stores.
Fred added, “We hope to move forward in partnership with the city, perhaps using Tax Increment Financing, to fund a parking garage that will serve multiple parties and to improve the streetscape in the vicinity. We will continue to work on our plans and permits, and hopefully work as a team with the City to get under construction in 2018.”
Capitol Plaza top along State Street. Hampton in center-middle.
Source: mmrvt.com. 11.14.2017. Images courtesy of MMR.