The JBG Companies and Marriott Break Ground on Renaissance and Residence Inn Hotels; Wells Fargo Arranges $129 Million Construction Financing
First Newly Built LEED® Certified “Green” Hotels in Arlington, Virginia.
Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction.
Joining Congressman Moran and County Board Member Zimmerman was Ken Finkelstein, managing director of The JBG Companies, developer and owner of the hotel and Kathleen Matthews, executive vice president, global communications and public affairs, Marriott International, Inc.
“We are pleased to continue our long and successful relationships with both Marriott and Wells Fargo in connection with this exciting project,” said Finkelstein. “We are also very excited about contributing to and participating in the rapid transformation occurring in the Crystal City market of Arlington.”
“This is one of the biggest projects in the Northern Virginia / Washington, D.C. area,” said Tony Capuano, executive vice president, lodging development, Marriott International, Inc. “We applaud JBG and Wells Fargo for their vision and look forward to making both the Renaissance and Residence Inn the centerpiece of such a dynamic mixed-use development.”
LEED® is the standard for environmentally responsible buildings set by the U.S. Green Building Council. The property will also feature an energy saving “green roof’ with plants and trees, providing a relaxing space for guests overlooking the U.S. Capitol and Potomac River. Guests at the ground breaking ceremony were offered blue spruce saplings as gifts - but were given the opportunity to donate the tree on their behalf to the Arlington County Department of Parks, Recreation & Cultural Resources. Over 50 trees were donated to Arlington County to be planted in parks in the area.
“We commend JBG and Wells Fargo for building green,” said Matthews. “Marriott is working with its hotel development partners to site, design and construct new hotels according to LEED standards by the end of 2009, and we are pursuing LEED status for our international headquarters in Bethesda, Maryland.”
Anticipated to open in winter 2010, The Renaissance Crystal City Potomac Yards Hotel and The Residence Inn Crystal City Potomac Yards will create approximately 500 new jobs. The location adjacent to Ronald Reagan Washington National Airport will also appeal to guests visiting the Washington, D.C. area for both business and pleasure. In addition to bringing 625 new hotel rooms to Arlington County, the hotels will offer 10,000 square feet of meeting rooms to satisfy the rising demand for conference space, with additional amenities that include 10,000 square feet of retail space and over 500 underground parking spaces.
The 13-story, 300-room full-service Renaissance will feature an expansive lobby, restaurant, branded coffee shop, and an amenity floor with a 10,000 square foot grand ballroom and 10,000 square feet of meeting rooms. The property’s design includes a large glass façade along Potomac Avenue, which will provide picturesque views of the Capitol and Potomac River. Renaissance Hotels & Resorts is an upscale brand providing full-service accommodations with local flair to discriminating business and leisure travelers at more than 140 properties in 28 countries. The brand’s presence is strong in the U.S. and worldwide, with approximately half of its properties in North America and half throughout Europe, South America, the Caribbean, the Middle East and Asia.
The southern end of the building will house the 325-room Residence Inn, Marriott’s popular extended-stay brand. Rooms will be equipped with kitchens providing full-size refrigerators, coffee makers, microwaves, and dishwashers as well as full silverware and dishware sets. The lobby will feature a lounge and business center, and an outdoor hearth will be centrally located in the park at Potomac Yards. The Residence Inn’s lobby has been designed for unique identification by its large tower which will be at the corner of Potomac Avenue and 29th Street. A leader in extended-stay lodging, Residence Inn offers more than 550 hotels in 47 states, the District of Columbia, Canada and Mexico.
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