Vesta Hospitality, a fully integrated hotel development and hospitality management company, and the Port of Vancouver USA will celebrate the groundbreaking of a new seven-story, 150-room AC Hotel by Marriott at Terminal 1 on the Vancouver Waterfront.
Located at the corner of Daniels Street and Columbia Way, the AC Hotel will feature 4,000 square feet of meeting space and on-site, structured parking. When complete in mid-2021, it will be the first completed project of the port’s Terminal 1 development.
Terminal 1 incorporates 10 acres of prime waterfront real estate owned by the Port of Vancouver. Upon completion, it will include, in addition to the AC Hotel by Marriott, office and retail space, public art, outdoor gathering areas, walking trails, and a public marketplace featuring local artisans, fresh foods and restaurants.
Vesta Hospitality Chairman and CEO Rick Takach, CEO of the Port of Vancouver USA Julianna Marler and Washington State Sen. Annette Cleveland described the project in detail.
“We are thrilled to be at the center of the beginning stages of the revitalization of Terminal 1, giving locals a place to come together and celebrate their city, as well as creating a welcoming destination for those visiting the Pacific Northwest,” Takach said. “Our team has been working hard, and it is incredibly exciting to see this project come to fruition.”
Marler added: “We are so pleased to have the AC Hotel by Marriott as the first project underway at Terminal 1. Vesta Hospitality is an outstanding partner, and as a local developer, they truly understand the port’s vision for our waterfront property. This project is a key component to making Terminal 1 a vibrant gathering place for our community and a premier destination for the region.”
Washington state has provided significant funding to make today’s groundbreaking possible. Over the last two years, the legislature contributed a total of $6 million to the port for critical ground stabilization work and construction activities. The funds will be used to improve portions of Daniels Way, the Renaissance Trail near Terminal 1, the East Portal stormwater facility and Vancouver Landing.
The renovation of Vancouver Landing will transform the amphitheater area into an inviting “front porch” for the AC Hotel by Marriott, and ground stabilization is required to support hotel construction.
“I am pleased to help steer state funds to a project the community has told us they want to see built,” said Sen. Cleveland. “This is a true public-private partnership, and with today’s groundbreaking, we are getting Terminal 1 off to a strong start. This is my community; I grew up here, I live here and I’m excited to see the positive economic impact this project will bring. I congratulate Vesta Hospitality and the port on getting to this milestone, and I look forward to seeing this hotel welcome visitors to beautiful Vancouver.”
A homegrown development with local vendors, major project partners include the architectural design team of DLR Group and general contractors Robertson & Olson (R&O) Construction. DLR Group has designed more than 20 AC Hotels worldwide while R&O Construction has served as the general contractor for all of the previous buildings that have gone up in Vancouver’s waterfront area. Because the property is located in a Qualified Opportunity Zone, offering investors potential tax benefits under the Tax Cuts and Jobs Act, Vesta Hospitality selected Portland-based Fairway America to create the Vesta OZ Fund to offer additional investment opportunities.