VRLTA announced that more than $3 billion in development will add over 5,900 guest rooms and 330,000 square feet of meeting space across the Commonwealth
RICHMOND – The Virginia Restaurant, Lodging & Travel Association (VRLTA) reported during its annual Fall Meeting that 41 new hospitality properties are currently under construction across Virginia, representing significant investment in the Commonwealth’s tourism economy. Collectively, these projects are expected to deliver:
- More than 5,900 new guest rooms
- More than 330,000 square feet of meeting and event space
- More than $3 billion in new construction investment
The projects span communities throughout Virginia, from Northern Virginia and the Shenandoah Valley to Richmond, Hampton Roads, Central Virginia, Southside and the Blue Ridge region.
“This level of development demonstrates tremendous confidence in Virginia as a place to visit, meet, invest and do business,” says Eric Terry, President of VRLTA. “Hospitality and tourism are major contributors to the Commonwealth’s economy. These projects will expand Virginia’s ability to welcome leisure travelers, business travelers, meetings, conventions and sporting events while creating opportunities for communities across the state.”
The construction pipeline is expected to generate employment during the development of the properties and create permanent jobs when the hotels, resorts and related venues open. These positions will span hotel operations, food and beverage, guest services, sales, facilities management and other hospitality careers.
The additional meeting and event space will also strengthen Virginia’s ability to compete for conferences, conventions, group travel and major events. Increased lodging capacity can generate benefits beyond the properties themselves as visitors spend money at local restaurants, attractions, retailers and transportation providers.
“Hospitality investment creates a ripple effect,” Terry added. “New properties support jobs, generate local and state tax revenue, strengthen surrounding businesses, and help communities attract new visitors and events. This pipeline reinforces the essential role tourism and hospitality play in Virginia’s economic future. At the same time, staffing this level of growth will be a significant challenge for an industry already facing workforce pressures. VRLTA is working with partners at the state and local levels on workforce solutions to help employers recruit, train and retain the talent needed to support this expansion.”
VRLTA presented the findings as part of its annual Fall Meeting, which brings together hospitality and tourism leaders to discuss industry conditions, emerging opportunities and priorities affecting businesses and destinations throughout the Commonwealth.