The Public Financing Component Approved for a $537 million 1,167- room Marriott Marquis at the Washington D.C. Convention Center / July 2009

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The Public Financing Component Approved for a $537 million 1,167- room
Marriott Marquis at the Washington D.C. Convention Center
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Groundbreaking anticipated this fall

WASHINGTON, July 17, 2009 - The D.C. City Council gave the final legislative approval Tuesday for the public financing component for the District's new 1,167-room Convention Center Headquarters Hotel. Groundbreaking for the hotel is slated for this fall with an opening anticipated in the first quarter of 2013.

"The Convention Center Hotel project has become a wonderful example of effective District government at work -- with the unwavering support of the mayor and the tremendous effort of the council, we are poised to break ground this fall on this vital project for the District," said Gregory A. O'Dell, CEO and general manager of the Washington Convention Center Authority.

The $537 million, four-star hotel will be one of only three Marriott Marquis properties in the country and located across the street from the Convention Center at the northwest corner of 9th Street and Massachusetts Avenue, NW. The developer will be Quadrangle Development Corporation, an established Washington, D.C.-based firm with a successful history in commercial real estate development, including hotels. Their locally-based minority partner is Capstone Development, LLC, whose principal has a long history in hotel development. The Authority and the District Government will be paid for the use of their land through a 99-year ground lease.

"Our customers have told us since the beginning that a headquarters hotel is a necessity for Washington, D.C. to be a competitive meetings and convention destination. The new hotel will allow us to not only maximize the Center's economic impact but will also create jobs for District residents during construction as well as operations of the hotel," added O'Dell.

This headquarters hotel construction is also expected to spur other redevelopment projects for the continued economic revitalization of the historic Shaw neighborhood, which the Convention Center calls home.

The hotel will be one of only three Marriott Marquis four star properties in the country and located across the street from the Convention Center at the northwest corner of 9th Street and Massachusetts Avenue, NW. The developer will be Quadrangle Development, an established Washington, DC based firm with a successful history in hotel development. WCCA and the District will be paid for the use of their land through a 99 year ground lease. Groundbreaking for the new hotel is slated for this summer with an opening in the fourth quarter of 2012.

"'I am confident we have a solid team in place who understands the Authority's goals and will support the creation of a financial plan for a successful hotel project,'' said WCCA Chief Financial Officer Henry W. Mosley, CPA.

Currently, the new Marquis' proposed design consists of approximately 765,000 square feet of gross floor area, 1,167 hotel rooms, and approximately 400 underground valet parking spaces. Once completed, it will be the second largest hotel in the nation's capital. The Marquis will incorporate the landmark American Federation of Labor building as an integrated ''boutique hotel,'' connected to the main hotel at selected levels yet retaining its physical independence. Hotel guests will be able to reach the Convention Center using either street-level access or through use of a light and spacious underground connector that joins the Center at its lower exhibit hall level. The hotel will have an atrium roof that provides light and openness throughout its interior. It is also expected to feature a full-service health club, pool, six retail spaces including restaurants, gift and coffee shops at street level that will be accessible to pedestrians and hotel guests. The Marriott Marquis will link to the Convention Center by a connector concourse under 9th Street.

About the Washington Convention Center Authority (WCCA)
The Washington Convention Center Authority was established for the purpose of acquiring, constructing, equipping, maintaining, and operating a new convention center in the District of Columbia. The Authority engages in activities deemed appropriate to promote trade shows, conventions, and other events closely related to activities of the Convention Center. Since opening its doors in 2003, the 2.3-million-square-foot Walter E. Washington Convention Center has proven to be essential to the economy of the District of Columbia, generating nearly $400 million annually. For more information about the Walter E. Washington Convention Center, call 202-249-3217 or visit www.dcconvention.com.

Contact:

Washington Convention Center Authority
http://www.dcconvention.com
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Also See:

When Completed The New Washington Convention Center Will be the Largest Building in Washington, DC / Jan 2002

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