Wharf Secures $113M Financing To Develop Dual-Flag Hotel
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The master developer of The Wharf has secured $113M in construction debt financing for a new leg of development at the expansive waterfront project.
Hoffman-Madison Waterfront will use the funds to develop a $194M hotel site at The Wharf, which will include 412 rooms and street-level retail upon completion. Financing was provided by M&T Bank and SunTrust Bank, GlobeSt reports.
Plans call for the development of a 175-room Canopy by Hilton and a 237-key Hyatt House hotel, both of which are scheduled to open in fall 2017. Also on tap is over 40k SF of street-level retail. SmithGroup JJR has been tasked with the design of the hotels, which will be managed and operated by Concord Hospitality Enterprises.
This is the latest hotel project announced for The Wharf. Carr Hospitality, owner of the signature, luxury hotel The Willard on Pennsylvania Avenue, is developing an InterContinental hotel at the site, which is also scheduled to deliver in 2017. [GS]