It's official: Washington, DC will get a new convention hotel. The DC Council passed legislation to provide $206 million in public financing, plus $2 million for a related training program, for the 1,167-room Marriott across from the Walter E. Washington Convention Center, according to the Washington Business Journal.
I first blogged about the new convention hotel in DC in June, when DC city officials were considering issuing up to $750 million in bonds to build the hotel. Under this agreement, DC and the Washington Convention Center Authority will contribute the $206 million, plus $2 million for apprenticeship programs, while developers contribute $331 million in debt and equity.
"We went from a 100 percent publicly financed hotel to a deal that requires the developer to fund the majority of the costs," said DC Councilman Kwame Brown, in a statement. "While it’s not the ideal result, in these tough economic times we can now look forward to revitalizing the Shaw neighborhood and putting District residents to work."
Upon receiving DC Mayor Adrian Fenty's signature on the bill, construction on the hotel is expected to begin in the fall.