A belt for suspending and/or driving an elevator car includes a plurality of tension elements extending longitudinally along a length of the belt and a plurality of fibers interlaced with the plurality of tension elements forming a composite belt structure. A coating at least partially encapsulates the composite belt structure to improve two or more operational characteristics of the belt. A method of forming a belt for suspending and/or driving an elevator car includes forming a plurality of tension elements and arraying the plurality of tension elements longitudinally along a belt. A plurality of fibers are interlaced with the plurality of tension elements to form a composite belt structure. A coating is applied to at least partially encapsulate the composite belt structure to improve at least two operational characteristics of the belt.