Area jurisdictions began courting the hotel giant immediately after it announced on Jan. 21 that it would relocate from Beverly Hills to the D.C. area. Virginia offers the company a more central location for its worldwide operations and will help reduce costs, Hilton Chief Executive Christopher Nassetta said.
Hilton will invest at least $17 million to relocate, Gov. Tim Kaine's office said. Kaine approved a $1 million grant from the Governor's Opportunity Fund for the project. He also approved $2.5 million in funds from the Virginia Economic Development Incentive Grant, a self-funded program of performance-based incentives awarded to "exceptional economic development projects with large numbers of employees and wages that are higher than average for that particular area," according to the governor's office.
"Adding [Hilton] to the commonwealth's list of corporate headquarters is a major coup for Virginia," Kaine said.
The relocation means more than 300 full-time, permanent jobs within the next 36 months.
Hilton has more than 3,200 hotels and 545,000 rooms in 77 countries and territories.