"It's in the path of a lot of growth," says Larry Wright Jr.,vice president of development for Wright Investment. "Office spaceis as tight as ever, and that translates into high occupancy andADRs (average daily rates) for hotels."
The company will delay breaking ground until October 2001, intime for a February 2003 opening. That will let it coincide withthe opening of the new Washington Convention Center that year andgive Wright time to stabilize operations at the Holiday Inn, whichit recently renovated.
It will be the first AmeriSuites hotel to go up here. Thelimited-service hotel chain, which serves business travelers andfamilies, charged an average daily room rate of $82 in 1999.Currently, it has about 130 properties around the country andfranchise agreements to open approximately 60 more.
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