News for the Hospitality Executive
Wells Fargo Arranges $128.7 million in Construction Financing
for JBG Companies
Renaissance and Residence Inn Hotels at the Potomac Yards
Project in Arlington, Virginia
ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction.
Joining Congressman Moran and County Board Member Zimmerman was Ken Finkelstein, managing director of The JBG Companies, developer and owner of the hotel and Kathleen Matthews, executive vice president, global communications and public affairs, Marriott International, Inc.
“We are pleased to continue our long and successful relationships with
both Marriott and Wells Fargo in connection with this exciting project,”
said Finkelstein. “We are also very excited about contributing to
and participating in the rapid transformation occurring in the Crystal
City market of Arlington.”
About The JBG Companies- Headquartered in Chevy Chase, Maryland, The JBG Companies is an active investment fund sponsor, developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under ownership, management and development. Founded in 1960, JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. By combining its broad transactional skill sets, organizational and financial capacity, a long and successful track record and strong reputation, JBG is able to take advantage of complex opportunities to maximize value to its investors and the community in which it operates. More information can be found by visiting the company’s website: www.JBG.com
About Marriott International, Inc. - MARRIOTT INTERNATIONAL, Inc. (NYSE:MAR) is a leading lodging company with more than 3,100 lodging properties in the United States and 66 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club , Horizons by Marriott Vacation Club , The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments ; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda , Md. , and had approximately 151,000 employees at 2007 year-end . It is ranked as the lodging industry's most admired company and one of the best companies to work for by FORTUNE ® , and has been recognized by the U.S. Environmental Protection Agency (EPA) with the 2007 Sustained Excellence Award and Partner of the Year since 2004. In fiscal year 2007, Marriott International reported sales from continuing operations of $13 billion. For more information or reservations, please visit our web site at www.marriott.com .
About Wells Fargo- Wells Fargo is a national leader in commercial real estate with more than $70 billion in originations annually and 50 offices nationwide. Wells Fargo provides lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector. Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”
|Also See:||The JBG Companies Undertaking a Massive $100 million Renovation and Repositioning of the 1,304 room Marriott Wardman Park Hotel, Washington, DC's Largest Hotel / July 2007|
|The JBG Companies Completes Conversion of the Former Doubletree Hotel to the Hilton Washington DC/Rockville Hotel & Executive Meeting Center / April 2008|