Funding has been secured to build a 400-room Hilton hotel adjacent to the existing Palm Beach County Convention Center, thanks to a $27 million subsidy the Palm Beach County Board of Commissioners voted to approve in April.
“A new convention center hotel will finally complete the package we need to elevate Palm Beach County’s image as a group, meetings and conventions destination,” says Jorge Pesquera, president and CEO of the Palm Beach County Convention and Visitors Bureau (CVB). “It has an enormous potential to bring in new business to our destination and we couldn’t be more pleased to see this project supported by so many of our community leaders.”
According to the CVB’s most recent lost sales business report, more than 110,000 room nights and 120,000 attendees were lost due to lack of a headquarters hotel. Adding one to the community is projected to generate more than $28 million in revenue and 500 new jobs in its first year alone.
In addition to adding a 400-room hotel that will connect to the north end of the convention center, the project will add a parking garage south of the convention center, behind the CityPlace South Tower residential complex. Additional financing will be provided by Related Companies, which will invest nearly $65.7 million in the project; an additional $8 million will come from a nationally funded New Market Tax Credit program.