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Article: HAMPTON UNIVERSITY INVESTS IN BEACH HOTEL SCHOOL'S ENDOWMENT LOANS ARMADA/HOFFLER $18 MILLION TO BUILD THE HILTON GARDEN INN.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- August 22, 2002
CopyrightCOPYRIGHT 2002 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JASON SKOG THE VIRGINIAN-PILOT
VIRGINIA BEACH -- Town Center's developers said Wednesday that they will start construction next month on a $20 million hotel in the center after arranging financing from an unusual source: Hampton University's endowment fund.
The university is using some of its $175 million endowment tolend Armada/Hoffler $18 million to build a 175-room Hilton Garden Inn. The loan is the university's first real estate investment.
``We try to diversify so we can maximize our return,'' said Hampton University President William R. Harvey. ``And we have done a pretty good job of that between stocks, bonds, real estate and ...