CBL Properties and Vision Hospitality Group Announce Development of an Element Hotel by Westin at Mayfaire Town Center in Wilmington, North Carolina

CBL Properties (NYSE:CBL) and Vision Hospitality Group, Inc. today announced plans to develop a 139-room Element by Westin at Mayfaire Town Center in Wilmington, North Carolina. The new hotel marks the brand’s entrance into the Wilmington market. The 83,000-square-foot hotel will be located on International Drive.

“We are thrilled to partner with Chattanooga-based Vision Hospitality Group to bring the unique lodging experience of Element to Mayfaire Town Center,” said Stephen Lebovitz, chief executive officer of CBL Properties. “CBL’s strategy is to bring new uses to our properties such as entertainment, dining, multi-family and hotels. The addition of the Element hotel will further enhance the premier mix of retail, restaurants, entertainment, and other options already available at the property.”

Offering many of the comforts of home, Element caters to those looking to stay both short and long-term. Element hotels have an outdoor-inspired, sustainability-focused design philosophy, and feature spacious and airy guest rooms with in-room kitchens, spa-inspired bathrooms, and signature Heavenly Beds.

“CBL Properties has been a valued partner of ours,” said Mitch Patel, Vision President and CEO. “We are excited to collaborate with them once again to address the significant market demand and introduce the Element brand to the Wilmington area.”

Construction on the project is expected to begin soon with an anticipated opening in spring 2024. The hotel is being developed in a 49/51 joint venture between CBL and Vision Hospitality.

About Vision Hospitality Group

Chattanooga-based Vision Hospitality Group, Inc. is a leading hotel development and investment company with an unwavering commitment to quality and integrity. Although the company’s roots date back to 1978, Vision Hospitality Group, Inc. was officially formed in 1997 by President & CEO Mitch Patel. Still family-owned and operated today, Vision has a hotel portfolio and pipeline of premium select and full-service hotels affiliated with the Hilton, Marriott, Hyatt and InterContinental brands. To learn more about Vision Hospitality Group, Inc., visit www.vhghotels.com or at www.facebook.com/vhghotels.