Port of Vancouver USA commission approves 50-year lease with Vesta Hospitality
VANCOUVER, Wash. – Vancouver, Washington-based Vesta Hospitality plans to build an AC by Marriott Hotel at the Port of Vancouver USA’s Terminal 1 waterfront development, with completion slated for 2019. The port’s Board of Commissioners today approved a lease with Vesta for an initial term of 50 years with two 15-year options. Vesta plans to build a lifestyle hotel with approximately 160 rooms on Block D at Terminal 1. The block is bordered on the south by the port’s Columbia River dock, on the east by the future Daniels Way pedestrian plaza, and on the west by the $1.5 billion mixed-use development known as The Waterfront Vancouver.
With striking river views, direct access to the city’s Renaissance Trail, ground-floor retail and restaurants, and on-site, structured parking, the new hotel will be a centerpiece of the port’s development.
“Vesta Hospitality shares our vision for Terminal 1 as a premier local destination, a place where neighbors and visitors are welcomed to the waterfront to enjoy all that’s great and unique about Vancouver,” said port CEO Julianna Marler. “We’re thrilled to have them as partners and look forward to breaking ground next year.”
“We’re really pleased to be working with the port and excited about building this type of hotel in Vancouver,” said Vesta Hospitality Chairman and CEO Rick Takach. “It’s different than anything else we have in Vancouver, and I’m happy to bring a new asset to my hometown. Vesta’s based here, I live here, and we’re excited to expand here.”
Financing for the $40 million project has been secured through a long-term lending relationship out of Columbus, Ohio. Construction is expected to begin in 2018 and be complete in 2019.
Announcement of the port’s lease with Vesta comes on the heels of unanimous Vancouver City Council approval of the port’s waterfront development Master Plan on June 19. The Master Plan includes phasing for retail, office, residential and public spaces at Terminal 1 over the next ten years.
At full build-out, Terminal 1 is expected to provide nearly 950,000 square feet of new mixed-use development, create 800 new jobs to support commercial activity, drive construction investment of more than $200 million and generate nearly $93 million in state and local taxes over a 25-year period.
Terminal 1 will also spur additional tourism for the region. According to a recent report conducted for Visit Vancouver USA, 2016 visitor spending in Clark County exceeded $472 million. The Washington State Travel Impact and Visitor Volume report also reveals that visitors generated $14.3 million in local taxes and supported more than 4,450 jobs in the travel industry.