CHARLESTON, W.Va. — The Charleston Marriott Town Center plans to stay in the Capital City for decades, according to a new lease the hotel expected to sign with the Charleston Urban Renewal Authority.
CURA accepted a conceptual agreement from the hotel during its Wednesday board meeting. The board will renegotiate the Marriott’s base term for another 50 years.
“They have requested an extension on the ground lease term. The ground lease was originally 50 years, some 35 years of that have expired, so it’s really a very slight change. It’s just renewing the ground lease with a new 50 year term,” explained CURA Executive Director Ron Butlin.
The Marriott’s rent will increase by $10,000. Currently, the hotel pays CURA $50,000 a year. The new lease will up that to $60,000 a year.
The lease is structured with an additional four 10-year extensions, Butlin said. That means the hotel could end up staying in Charleston for 90 years. Butlin said that’s a huge boost for the city.
“I think it’s hugely important especially with the investment in the conference center that we’re going to need hotel rooms. It’s tremendously important. I think it’s a wonderful vote from their stand point that they want to be here,” he said.
CURA will need to negotiate the document first before approving the new agreement.
“It’s very close to being done,” Butlin said.
The Charleston Marriott Town Center was built in 1982.