First, a quick update about the new Washington, DC hotel. DC Mayor Adrian Fenty has signed legislation to provide $206 million in financing for the 1,160-room Marriott Marquis hotel, which will be built right across from the Walter E. Washington Convention Center.
The city and the Washington Convention Center Authority will also provide $2 million for apprenticeship programs, while developers will contribute $331 million to the $537 million project. Construction is expected to begin in the fall.
Meanwhile, in Dallas, the city has received buyer commitments for all $479.8 million in revenue bonds offered to investors. These bonds will cover the purchase of the property and the development and construction of the hotel, a 1,016-room Omni property.
Sales will close in about two weeks, with construction on the Dallas hotel expected to begin in the beginning of September.
The city and the Washington Convention Center Authority will also provide $2 million for apprenticeship programs, while developers will contribute $331 million to the $537 million project. Construction is expected to begin in the fall.
Meanwhile, in Dallas, the city has received buyer commitments for all $479.8 million in revenue bonds offered to investors. These bonds will cover the purchase of the property and the development and construction of the hotel, a 1,016-room Omni property.
Sales will close in about two weeks, with construction on the Dallas hotel expected to begin in the beginning of September.
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