News for the Hospitality Executive
The Public Financing Component Approved for a $537 million
Marriott Marquis at the Washington D.C. Convention Center
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.
About the Washington Convention Center Authority (WCCA)
Washington Convention Center Authority
|Also See:||When Completed The New Washington Convention Center Will be the Largest Building in Washington, DC / Jan 2002|