Land Beneath DC's Marriott Marquis Sold for $100M

Quadrangle Development has acquired the land beneath DC's Marriott Marquis for $100,700,000. The Events DC board of directors approved the sale of land last month. A portion of the proceeds from the sale – approximately $10 million -- will fund grants that provide financial assistance to qualified nonprofit cultural institutions based in the District. The funding is intended to aid organizations with needed resources during the recovery phase of the pandemic. These institutions that engage in the management, interpretation and distribution of cultural and artistic knowledge and offer and promote activities meant to inform, educate attract visitors and residents to DC.

The sale is the result of a stipulation in the original lease signed in 2010 that granted the hotel developer the option to purchase the land where the hotel currently sits from Events DC and the DC government.

“This landmark hotel has been vital to transforming this area into an events and entertainment destination,” said Max Brown, Chairman of the Board of Directors of Events DC. “With this sale, we will be able to invest in the distinct cultural institutions that make this city unlike anywhere else in the world, providing visitors to the nation’s capital with an unmatched experience. Despite the challenges we faced in the last two years, we are an incredibly resilient city and that’s because of fortitude of our diverse communities and by the strong leadership of the Mayor and DC Council.”

After opening its doors in 2014, the Marriott Marquis became the city’s largest hotel, adding 100,000 square feet of meeting space and nearly 1,200 rooms, and was named DC’s official convention center hotel as the only hotel with redirect access to the Walter E. Washington Convention Center. The hotel was the product of a successful public-private partnership, which has had a significant economic impact on the area since it opened.

“This moment encapsulates the importance of innovative collaborations between public agencies and private business,” said Samuel Thomas, Interim president and chief executive officer of Events DC. “Projects like this provide vital economic opportunities, attract new visitors, and support the physical and cultural infrastructure of this beautiful city for future generations of DC residents.”