Phillips Realty Capital, based in Bethesda, Md., said Monday that it has secured an $18.6 million construction loan on behalf of Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC for the development of a new Marriott Residence Inn adjacent to the campus of Virginia Tech.
The six-story, 126-room extended stay hotel will offer suites with fully equipped kitchens and living rooms, an indoor pool, and a 24/7 workout room.
The hotel will be part of the newly constructed University Crossroads, a mixed-use redevelopment center at the corner of University City Boulevard and Prices For Road. University Crossroads sits diagonally across from Virginia Tech’s new visitors center and the main entrance to the university.
