The Greenbelt Marriott carries the address of 6400 Ivy Lane and sits off I-95 in the Capital Office Park in Prince George's County. The 18-story structure--which features 10,000 sf of banquet, conference and meeting space among 14 rooms--was developed in 1983 and underwent its last renovation in 1997. "The Greenbelt Marriott is already the hotel of choice for travelers and major events in Prince George's County," Lerner principal Mark D. Lerner says. "The owner's investment to renovate the hotel is a testament to the region's bright future."
The Metropolitan Washington, DC region has maintained a solid position in the hospitality market over the last few years, having emerged from the ramifications of 9/11 in 2001 without the major economic hits seen in other metro areas. And the year is on target to close at a high point. "Strong rebounds in international and domestic travel to New York City, Washington, DC and Boston have driven solid gains in ADRs," Marcus & Millichap reports in its Fall 2005 Hospitality Research Report. "Tourism has increased in Washington, DC, with occupancy at lodging properties up 60 basis points to 73.3%, and is forecast to end the year at 7%. The market ranks third among the nation's destinations for business travelers, which also supports rate growth."
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