Work is expected to start this fall on a new Marriott Marquis convention center hotel in Washington, D.C., now that the district's government has agreed to provide $272 million for the $537 million project. The Washington Post reports the district originally planned to pump $187 million in public dollars to the project's developers through tax-increment financing, but voted last week to add $25 million to that tally, along with $47 million in case reserves from the Washington Convention Center Authority and some other ancillary funding.
The 1,167-room hotel will be located across the street from the Walter E. Washington Convention Center and is slated to open in the first quarter of 2013. The project's developer is Quadrangle Development Corp., whose locally-based minority partner is Capstone Development LLC.
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