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City of Roanoke unveils Hotel Abatement Program; Promissory Hotel first participant
Summary
Roanoke officials introduced a Hotel Abatement Program to spur hotel development and address a shortage of over 600 rooms since 2020, naming the Promissory Hotel at 201 South Jefferson as the first participating project.
Roanoke city staff introduced a new Hotel Abatement Program intended to encourage hotel construction and adaptive reuse in the city and address what presenters described as a shortage of more than 600 hotel rooms since 2020. Agency official (S1) said the program is an economic development tool aimed at attracting investment and expanding lodging options for visitors and events.
The presenters named the Promissory Hotel at 201 South Jefferson as the first project to take advantage of the program. "We're excited to introduce the Hotel Abatement Program," Agency official said, announcing the Promissory Hotel as the inaugural participant. The presentation emphasized the program's goal of bringing new hotel capacity to Roanoke and supporting tourism, conferences and business travel. The city encouraged interested parties to contact the Office of Real Estate Valuation or Economic Development for application details.
