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.

Continue Reading →

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.

Continue Reading →

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.

Continue Reading →

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.

Continue Reading →