Suburban Capital Announces Plans to Develop Hyatt Place in Virginia Beach
Suburban Capital, Inc., a privately held commercial real estate company headquartered in Virginia Beach since 2000, announced plans to build a 92,000-square-foot Hyatt Place at Pembroke Park at 281 Independence Blvd. in Virginia Beach. Hyatt Place at Pembroke Park will have 127 rooms and is expected to be complete in April 2019. The hotel will create 27 new jobs in Virginia Beach with average annual salaries of $36,500.
Suburban Capital owns and operates more than 2 million square feet of commercial real estate in six states throughout the Southeast, comprised of office, retail, hotel, industrial properties and Happy Boxes, a proprietary self-storage brand with more than 6,000 units. The company recently acquired and operates three Oceanfront hotels in Virginia Beach and currently has a Marriott Autograph hotel under development that is scheduled to open next spring in Norfolk. Suburban Capital is an approved operator of top-tier hotel franchise companies, including Marriott International, Hilton Worldwide, Starwood Hotels, Choice Hotels International, Hyatt Hotels and Wyndham Hotels and Resorts.
Suburban Capital is making a capital investment of $26.3 million in real estate, furniture, fixtures and equipment. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant of $200,000 based on the company’s investment. Funds will be used for enhanced streetscape improvements that are consistent with Town Center that wouldn’t otherwise be required outside of the Central Business District. The development also advances the goal of the Pembroke SGA Master Plan by expanding Town Center north of Virginia Beach Boulevard, and will initiate redevelopment of Pembroke Park.