The Hotel at the University of Maryland to Break Ground in 2015 Projected to Create 1,637 Jobs and Increase Economic Activity by $62M+ Per Year
COLLEGE PARK, Md., Aug. 6, 2014 /PRNewswire/ -- The University of Maryland and developer David H. Hillman of Southern Management Corporation today announce that the construction of The Hotel at the University of Maryland has been approved by the state and will break ground in spring 2015.
The hotel and conference center will be built on a parcel of land on the east side of campus opposite Turner Hall. The $115 million project is the cornerstone to the University's vision to encourage redevelopment of the existing downtown College Park business district, in conjunction with strategic development along the Route 1 corridor.
"The University has long needed a 4-star hotel for the tens of thousands of visitors to campus every year. It will catalyze the revitalization of College Park as a top university town with a top research university," said University of Maryland President Wallace D. Loh. "I'm so thankful and proud to partner with Mr. Hillman and our University's foundation board on this transformative project."
"This project will position the University of Maryland to attract more students, meetings, fans and businesses to College Park and Prince George's County. I want to thank David Hillman for his commitment to this project and for leading the way as we reshape the Route 1 Corridor," said Prince George's County Executive Rushern L. Baker, III. "I also applaud President Loh for his dedication to enhancing the academic programs and amenities that are in and around the university. The Hotel is an important step for the university and the County in our efforts to bring positive redevelopment to the Route 1 corridor."
"College Park and the University of Maryland have had the need and demand for a hotel and conference center of this scale and quality for quite some time. As College Park and Prince Georges' County are very important communities to me and to Southern Management, my hope is that this project will give developers the confidence to design and build additional hotels and amenities in this corridor," said David H. Hillman, CEO/Chairman, Southern Management Corporation.
Amenities and features of the hotel will include:
- 295 guest rooms with executive level and premium suites;
- Rooftop banquet facility and veranda overlooking the UMD campus;
- 43,000 square ft. of flexible meeting space capable of hosting events for as many as 1,500 guests;
- Two full service restaurants, two specialty restaurants and a coffee shop;
- Full lobby bar;
- Indoor/outdoor pool, and fully equipped fitness center;
- 750 covered parking spaces; and
- 24-hour concierge and private shuttle service.
The Hotel at the University of Maryland is expected to generate significant economic impact to the city, county and state:
- The overall economic impact of the project, including both construction and stable operations phases, will create 1,637 jobs, increase overall economic activity by over $62 million per year, and result in over $4.4 million in state and local tax revenues annually.
- The combined direct impacts include 1,010 new jobs (653 construction, 357 permanent).
- The project will generate an estimated total of $6,383,736 in new state and local tax revenues over the construction period (2014 – 2016), and an additional $4,410,775 annually once stable operations commence.
- The project will generate approximately $22 million per year in total wages, $36 million in value added and $62 million in new economic activity annually during both the construction and stable operations phases.
For renderings of The Hotel at the University of Maryland, please visit http://ter.ps/HotelUMD.
The Hotel at the University of Maryland is anticipated to open by fall 2016.
About the University of Maryland
The University of Maryland is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 37,000 students, 9,000 faculty and staff, and 250 academic programs. Its faculty includes three Nobel laureates, two Pulitzer Prize winners, 49 members of the national academies and scores of Fulbright scholars. The institution has a $1.8 billion operating budget, secures $500 million annually in external research funding and recently completed a $1 billion fundraising campaign.
About Southern Management Corporation
Southern Management Corporation is the largest privately-owned residential property management company in the Mid-Atlantic region. The company owns and manages 75 apartment home communities comprising more than 25,000 apartment homes throughout the Baltimore-Washington region.
In addition to residential property ownership and management, Southern Management owns and manages six commercial properties and two hotels and conference centers; Bear Creek Mountain Resort and Conference Center in Macungie, PA; and The Hotel at Arundel Preserve in Hanover, MD. For more information about Southern Management visit www.southernmanagement.com.
SOURCE University of Maryland