The Peabody Roanoke has been delayed due to the COVID-19 pandemic. (Courtesy of Peabody Hotels & Resorts)
Following delays and setbacks related to the pandemic, the Peabody Roanoke Project is back on track and is expected to begin on March 1, 2022.
Marty Belz, president of Peabody Hotels and Resorts, briefed city staff and officials at a joint meeting between Roanoke City Council, Roanoke Economic & Industrial Development Corp. Type A and the Roanoke Community & Economic Development Corp. Type B.
Belz said it would take about a year and a half to two years to complete construction after the grand opening.
âIt has been a difficult time for all of us during this time,â he said. âOur team wanted to continue with our project. He’s been hijacked in some ways, but at the same time, in some ways … [COVID-19] actually helped improve the economics of the project.
The 266-room hotel and conference center, with its eight-story tower, will sport approximately 43,000 square feet of meeting space with approximately 255 parking spaces, a restaurant, full-service spa and health club as well. than a foot ballroom.
Belz said the company is eager to open up and be a part of the community. He said the strong hotel market in this area of ââthe metroplex before COVID-19 played an important role in attracting the brand to Roanoke.
âThere is no other property in this part of the [metroplex] it’s quality that we intend to be there, so we thought there was a good opportunity for our brand, âhe said.
The project is estimated at a total of $ 144 million and will be primarily funded by bonds sold to private investors and financial institutions, according to Hilltop Security’s Todd Smith, who serves as the banker for the financing of the project.
The original Peabody Hotel is located in Memphis, Tennessee, and opened in 1869. It is listed on the National Register of Historic Places and is “world famous for its five resident ducks, which parade daily through the lobby at 11:00 am and 5:00 pm â, according to the hotel’s website.