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WASHINGTON, DC-Work has gotten underway on a new 383-room Embassy Suites Hotel that will occupy the address of 1000 K St., just a stone’s throw from the District’s new 2.3 million-sf Washington Convention Center. Developer Farr Curtis Walton and a fund of the International Union of Painters and Allied Trades are behind development of the $95 million hospitality property, which is expected to open its doors to guest in 2005. In July, the District approved about $10 million in Tax Increment Financing–the issuance and sale of tax-exempt governmental revenue bonds–to help fund the hotel’s development.

Brennan Beer Gorman Monk Architects is behind the design of the building, and Hunt Construction Group Inc. is on board as the general contractor for the project. Upon its completion, Embassy Suites will sport 6,500 sf of meeting space, in addition to its guestrooms. Hilton Hotels Corp. will manage the property, which will carry the distinction of being the first new hotel to be developed within immediate proximity to the new convention center.

“It’s great news for us to see a new hotel go up close to our new convention center,” Washington DC Convention & Tourism Corp. president and CEO Bill Hanbury tells GlobeSt.com. “Bookings have been strong for the new facility, and this new property will help us to better meet the needs of groups coming to in Washington.” Existing hotels nearest to the gargantuan meeting facility include the 265-room Four Points by Sheraton Hotel, the 888-room Grand Hyatt, and the 807-room Renaissance Hotel, which is the closest.

“We welcome the Embassy Suites Convention Center Hotel to our city’s hotel inventory,” Hotel Association of Washington, DC president, Reba Pittman Walker shares with GlobeSt.com. “Its prime location so close to the old convention center site, which promises to be a spectacular ‘town center,’ as well as its proximity to the grand, new Washington Convention Center positions it to become an important addition to our city’s real estate market. We are also excited that this hotel will create hundreds of jobs in the construction phase and over 200 permanent new jobs, as well as add over $40 million to DC’s economy.”

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