Hines, Qatari Team Up on CityCenterDC Hotel
- Jun 30, 2016
Washington—Hines and Qatar-based Qatari Diar have just commenced construction of the Conrad Washington, D.C., hotel, effectively kicking off the second phase of their 10-acre CityCenterDC mixed-use destination. The 360-key luxury hotel and retail project carries a total development price tag of approximately $250 million, Hines told Commercial Property Executive.
The Conrad Washington will join CityCenterDC’s 522,000 square feet of premier office space and 674 residential units, bringing an additional 30,000 square feet of retail space to the downtown development’s existing 191,000 square feet of shopping and dining offerings. Designed by Herzog & de Meuron and HKS Architects Inc., the hotel project has already attracted the attention of several businesses eager to stake a claim to some of the tower’s retail square footage.
More than 2,000 hotel guestrooms are on schedule to come online in the District between this summer and the close of 2017, according to a report released by hospitality market intelligence provider GlobalHotelNetwork, and it appears there really is room for more.
“With Washington, D.C., now in the forefront for national and international investors, our government poised for a major change no matter who wins the 2016 election, and the acquisition of Starwood Hotels and Resorts by Marriott, which is looking for a major relocation move in the Washington area market, Washington, D.C., is truly poised to be the hotel capital of the world,” Marc Magazine, GHN committee member & executive managing director with commercial real estate services firm Savills Studley, concluded in the report.
General contractor Turner Construction is helming building activity at the Conrad Washington site. The property is scheduled to welcome its first guests in the first quarter of 2019.