WASHINGTON, DC—As the locally-based EB5 Capital watches some of the final regulatory pieces to the Capitol Riverfront project fall into place, it is gearing up for another big project in the District: the financing of two hotels near the convention center.
These hotels are part of the $230 million Columbia Place project proposed by Quadrangle Development Corp. last year. It also includes a residential building.
Both of these properties are Marriott flags -- a 357-room Courtyard and a 147-room Residence Inn -- and the goal is for them to form, with the existing Marriott Marquis, a triumvirate of sorts for convention goers to tap. There is already an underground tunnel connecting the Marquis to the convention center and when all three hotels are developed some 1,600 rooms will be available to hotel guests.
EB5 Capital raised $5 million for the Marquis, Brian Ostar, director of Global Operations for the firm, tells GlobeSt.com
Once marketing begins it plans to raise $40.5 million for the two additional hotels, he says.
Read this morning's related story on a new House of Representatives' bill to reform the EB-5 program and expand it in a new direction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
