Downtown St. Augustine\u2019s tallest building is set to become a five-star hotel after unanimous approval by the City Commission on Monday night.<\/p>\n
The Exchange bank building, or Treasury on the Plaza, first opened in 1927 as a bank and has operated for several years with event and commercial space. Once construction is complete, the new hotel<\/a> will provide some 120 rooms and a parking garage with more than 150 spaces. The hotel will still include an area for events as well as around 30,000 square feet of commercial space.<\/p>\n The valet-only parking garage won\u2019t be restricted to just hotel guests and staff, but parking will cost money for the general public.<\/p>\n In an effort to promote mobility options other than cars, the hotel also will offer bicycle rentals and have a staging area for Uber and Lyft rideshare services.<\/p>\n The new hotel comes from local hotelier Kanti Patel<\/a>, whose company Jalaram Hotels operates a number of other locations<\/a> in St. Augustine, including the Hilton hotel along the downtown bayfront.<\/p>\n Speaking as a consultant for the developer, former St. Augustine City Manager John Regan said approving the hotel is in the public interest because of the effect it will have on the local economy.<\/p>\n \u201cA room in a five-star hotel generates three to four times more revenue per room than, say, a Marriott Courtyard or other hotels,\u201d he said. \u201cAnd all that money is taken and circulates in the economy.\u201d<\/p>\n Taking sides on the hotel<\/p>\n Members of the business community rallied in favor of the project, including Susan Phillips, the CEO of the local visitors and conventions bureau.\u00a0<\/p>\n