Events DC Okays Sale of Land Beneath Marriott Marquis to Fund Cultural Grants
Events DC, the official convention and sports authority of the District of Columbia, has approved the sale of land it owns beneath the Marriott Marquis hotel in downtown DC to the hotel developer.
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.
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.
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.