New Smyrna Beach, Florida – 12 February 2015 – If the New Smyrna Beach City Commission approves a hospitality land use amendment, economists forecast that a proposed SpringHill Suites by Marriott will stimulate the local economy with 120 temporary construction jobs and an additional 40-50 permanent jobs when the hotel opens.
Research Data Services provides research and analysis to clients who need to make informed business decisions. CEO Dr. Walter J. Klages estimates that the 114-room hotel developed by Poseidon Hotel Ventures, LLC will have a five-year $87.3 million overall economic impact on New Smyrna Beach.
The cost of the development is estimated to be more than $19 million, which brings that overall economic impact for the project to more than $106.3 million.
“The New Smyrna Beach community is ready for a boost to its local economy,” said Ron Flick, developer and manager of Poseidon Hotel Ventures, a veteran owned business. “The economy is improving, but not as quickly as many had hoped. Our project will bring up to 50 direct and permanent employment positions and perhaps dozens more indirect employment positions.”
Not only will the hotel boost the local economy by creating jobs and attracting tourists – who eat at local restaurants, shop at local retailers and play at local attractions – but it will also provide ample parking to help with traffic flow and parking issues on Flagler Avenue, which were detailed in a traffic study by Chindalur Traffic Solutions, Inc.
The hotel’s parking is more than sufficient to support its parking needs. It will not reduce the concurrency level of the roadways associated with this project in Flagler Avenue’s business district.
Marriott is customizing this project specifications to integrate many of the local design features, which will complement the architecture of the local town including the Florida cottage style.
“As a part-time New Smyrna Beach resident with 18 years of hospitality experience with Marriott International, I have complete trust in the tasteful and thoughtful design of this developer and its highly successful Hampton Inn project blocks away on Flagler Avenue,” said Marriott International’s vice president of lodging development Tim Sponsler. “The proposed Marriott hotel project on the beach will be more upscale, and uniquely customized and scaled so that its design fits into the fabric of the Flagler Avenue.”
SpringHill Suites by Marriott is a family hotel brand. The proposed location will be the third SpringHill Suites on the ocean and will feature family-friendly amenities like free breakfast buffets, free wi-fi, a fitness center and a swimming pool.
Poseidon Hotel Ventures previously sought 146 rooms, which would have positively impacted the New Smyrna Beach area economy by $111.8 million plus the developmental costs of $22 million. At the request of the city, the company reduced the number of rooms during its negotiations. Following approval, the hotel desires to break ground in June and open approximately one year later.