Elm Street Hotel Center

Fact Sheet

Elm Street Hotel is proud to be part of downtown Greensboro’s continued resurgence and
redevelopment. Key facts about this project include:
- A full-service Westin conference hotel will be built at the intersection of February One
Place and Davie Street, right in the heart of downtown Greensboro. Westin is one of the
premier upscale hotel concepts and will be an exciting addition to the growth of
Greensboro’s downtown district just as it was in Charlotte. The Greensboro Westin will
bring visitors and conferences to Greensboro supporting other businesses and
museums in the community.

- Once open, the hotel will create over 170 full-time equivalent jobs, including
approximately 25 management positions and 145 hourly positions.

- The hotel will generate $2.5 million in annual tax revenue for our state and community
once it is fully operational. This includes $945,000 in sales taxes, $840,000 in occupancy
taxes and $525,000 in property taxes.

- The hotel will rise above a city-owned parking deck that will provide parking spaces for
downtown workers and visitors. There is a tremendous demand for more parking
downtown. Three out of the four public parking decks are at full capacity, with fewer than
100 spaces available in the fourth deck. Surface parking options are also near capacity.

- The hotel will pay full market rates for 120-180 parking spots for its hotel guests with no
preferential treatment from the City of Greensboro. The hotel’s commitment for parking
spaces supports the City’s financing of the parking deck through parking fees.

- The construction of the hotel and public parking deck will create hundreds of jobs over
the course of 18-24 months, with a total investment of more than $75 million.

- The hotel developers have returned nearly $2 million in economic incentives so that the
City of Greensboro can use those funds for the construction of the public parking deck.

- The developers have granted the City of Greensboro 88,650 square feet of air rights for
the public parking deck in exchange for approximately 10,500 square feet of retail shop
space.

This mixed-use project is a win for the citizens of Greensboro, the continued development of our
central business district and a new crown jewel for the city skyline.