All parties involved in the transaction--including Thayer's representative in the deal, Eastdil Property Co.--are remaining tight-lipped about the purchase price. However, the hotel and the 16-acre property it occupies are currently assessed at a value of $244.3 million. The property will undergo a $50-million renovation, but will continue to carry the Marriott flag.
With the address of 2660 Woodley Rd. NW, Marriott Wardman Park is just a short walk from the National Zoo in DC's mostly residential neighborhood of Woodley Park. The hotel has been expanded over the years, and currently encompasses the 202-room Wardman Tower, the 933-room Center Tower and the 199-room Park Tower, as well as 173,000 sf of meeting space.
The planned upgrade will be conducted in phases over a two-year period starting early next year and will include the renovation of the entire stable of guest rooms, as well the meeting space. Additionally, new restaurants are in the works and a new fitness center will grace the property. The new owners plan to do away with an existing ballroom and above-ground parking structure and replace it with a new underground parking facility. The addition of a residential element is on tap; the Park Tower will be converted to a condominium building.
"We are committed to enhancing and improving the hotel and its surrounding property in a manner consistent with its unique setting and responsive to the issues raised by our neighbors," JBG partner Ken Finkelstein says, speaking on behalf of the partnership. "Our strategy is to upgrade and reconfigure the hotel so as to position it for long term success in the Washington market."
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