Jade Enterprises is deep into a restoration of the 93-year-old Harris Building at the southwest corner of 11th and Main streets. The developer, which has four residential complexes in the works in Downtown, has owned the property for 10 years, according to a project representative.
The Inn Crowd Goes Small
Downtown Los Angeles hotels are often mammoth affairs. The proposed $500 million J.W. Marriott expansion at L.A. Live, for example, will stand 38 stories tall and create 755 rooms.
A project at 820 S. Spring St. is going smaller — much smaller. Signage went up in April for the Tuck Hotel. The 14-room establishment is awaiting inspections and the goal is to open in late summer.
EB5 Capital Raises $40M From Foreign Investors For Dual-Flag Marriott Project
The second phase of the huge Marriott project next to the Walter E. Washington Convention Center has received more than $40M in financing, raising the funds from 81 foreign investors, via EB5 Capital, for developers Quadrangle Development Corp and Capstone Development. EB5 Capital raised the funds through the EB-5 Immigrant Investor Program. The project, known as Columbia Place, will bring two new hotels to the area across from the convention center, the final two pieces of a three-hotel Marriott development. The first phase included the four-star, controversial Marriott Marquis, which is connected to the Convention Center via an underground tunnel, that opened back in 2014. EB5 Capital provided $5M in equity financing for that leg of the development as well.
Tourists spent a record $7.1B in the District last year
A record-number of Americans visited the District last year, helping boost tourist spending in the nation’s capital to an all-time high of $7.1 billion.
More than 19.3 million Americans came to the District in 2015, an increase of 1 million visitors, or 5.3 percent, from the year before, according to a report released Tuesday by Destination D.C., the District’s marketing arm. The data was compiled by McLean-based travel research firm D.K. Shifflet.
EB5 Capital Provides $40.5 Million for Columbia Place
EB5 Capital today announced that it has provided $40.5 million in preferred equity financing for Columbia Place, a dual-branded Marriott hotel project being developed by Quadrangle Development Corporation and Capstone Development. Columbia Place comprises two new Marriott hotels – a 357-room Courtyard and a 147-room Residence Inn – within one building. The two hotels will be built across from both the existing Marriott Marquis and the Walter E. Washington Convention Center, creating a true three-hotel complex. The three hotels will include more than 1,600 rooms for business and leisure travelers.