MANASSAS -- (Press Release) Governor Ralph Northam today announced that Holladay Properties will invest $13.95 million in the City of Manassas to establish a Tru by Hilton hotel, creating 35 new jobs and spurring approximately $2.8 million in annual direct economic impact from traveler spending.
âThe Tru Hotel is a welcome addition to our Commonwealthâs ever-growing tourism economy,â said Governor Northam. âTourism development is critical to positioning Virginia as a premier travel destination and projects like this will help Manassas continue to attract visitors and businesses, bringing new jobs and generating significant economic impact for the region.â
The project will receive support through the Virginia Tourism Corporationâs (VTC) Tourism Development Financing Program (TDFP), a gap financing program for larger-scale tourism development projects, geared toward fostering partnerships with developers, localities, financial institutions, the Virginia Resources Authority, and VTC. The project reflects a total capital investment of $13.95 million and a projected local tax benefit of nearly $370,000 during the first full year of operation. This is the seventh project approved under the Commonwealthâs TDFP.
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