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.
The two new hotels will be a 357-room Courtyard and a 147-key Residence Inn, both of which will be in one building. The three hotels will offer more than 1,600 hotel rooms.
The 570k SF project will reportedly cost $230M total to bring the hotels to the corner of 9th and L streets. That total square footage includes a 200-unit multifamily component, which will be built in a later phase.
This the latest huge financing round announced for a hotel project in the District. Just last month, Hoffman-Madison Waterfront secured $113M in construction debt financing for a dual-branded hotel project at The Wharf.
