Marriott and billionaire propose new DC Convention Center hotel
Marriott International and billionaire entrepreneur Robert L. Johnson have offered to build the 1,220-room hotel planned near the Washington Convention Center, a deal that would resolve a dispute about where to put the project and unburden the District government of paying for it, reported the Washington Post.
The proposed deal is to build the hotel at Ninth Street and Massachusetts Avenue NW.
The developers would lease the land from the District, finance the construction and operate the hotel as a private enterprise, possibly with some support from tax revenues generated by the property guarantees until the hotel meets certain profit levels.
The Convention Center board is at the preliminary review and discussion stages with Marriott and Johnson.
Johnson now owns more than 20 hotels, run by Marriott and Hilton. He has served on the board of directors for Hilton for more than a decade. His hotel company, RLJ Development LLC, is in a partnership with D.C. developer Robert Gladstone to build a $450 million hotel to support Baltimore’s convention center near the Inner Harbor reported the Washington Post.
Charles Kao
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