Public Financing Component Approved for Marriott Marquis
Hotel at the Washington DC Convention Center, Groundbreaking anticipated this fall
WASHINGTON, DC, 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
