WASHINGTON, DC-Rocks Engineering Co. in Vienna, VA. and SharCon Hotel Management & Development Co. in Gaithersburg, MD, are joint venturing on the development of two adjacent hotels in Northeast Washington. A five-story, 126-room Fairfield Inn & Suites and a five-story, 125-unit Holiday Inn Express Hotel & Suites will be located at the intersection of New York Avenue and Bladensburg Road, next to the District’s National Arboretum.

Now demolished, a Travelodge Hotel had once been at the 3.6-acre site. The two firms have begun construction on the two hotels and expect to deliver in first quarter of 2008.

HFF managing director Mark Remington, who is based in the company’s Washington, DC office, arranged the construction financing for the partners through Bank of America.

Three-year $17 million and $18.1 million adjustable-rate construction/mini-permanent loans were arranged for the Fairfield Holiday Inn properties Holiday Inn Express Hotel & Suites, respectively.

Remington would not disclose development costs but he tells GlobeSt.com that the loans were highly levered.

The hotels plan to be price competitive compared to in Downtown hotels, he adds. “During the week a hotel room Downtown can run $300 per night. The price points at these hotels will be around $150.”

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