WASHINGTON, D.C. (April 18, 2016) – Hoffman-Madison Waterfront, the master developer of the world-class mixed-use waterfront community The Wharf, today announced that the development raised $113 million in construction debt financing for Parcel 5, a $194-million hotel site at The Wharf that features a 175-key Canopy by Hilton and a 237-key Hyatt House. SunTrust Bank and M&T Bank provided the financing for the two hotels, both opening in Fall 2017.
With the design driven by the rich history and heritage of The Wharf, the two hotels will contain 412 guestrooms and more than 40,000 square feet of street-level retail and restaurant space, including Hank’s Oyster Bar and Kirwan’s Irish Pub.
The Canopy by Hilton is the company’s first District location, offering a 120,000-square-foot, signature lifestyle brand hotel. This locally inspired hotel will showcase a café overlooking the landscaped courtyard and plaza with water features, a retreat area and a rooftop bar that will take advantage of the premier location, breathtaking views and amazing sunsets at the Southwest Waterfront.
The 145,000-square-foot, extended-stay Hyatt House will have a rooftop outdoor pool, a 24-hour fitness center, 2,000 square feet of meeting and boardroom spaces, a house market and bar, a private elevated outdoor terrace and guest laundry facilities.
“This round of financing from SunTrust and M&T is another milestone on our steady course for the Fall 2017 grand opening of this vibrant hospitality section of The Wharf,” said Monty Hoffman, founder and CEO of PN Hoffman. “We are very excited about bringing the Canopy by Hilton and Hyatt House to the Wharf. The distinctive and urbane design of both the building architecture as well as the interior public spaces and guest rooms will prove to be a wonderful addition to the Wharf, helping to further our goal of maintaining a true authentic waterfront neighborhood.”
"We are delighted that our finance team successfully closed on financing for Parcel 5 of The Wharf,” said Amer Hammour, Chairman of Madison Marquette. “This monumental and transformative project in the heart of Washington, D.C. has attracted global attention and extraordinary confidence at the partner level – with the most recent funding coming from SunTrust Bank and M&T Bank. Their contribution enables a particularly dynamic phase of The Wharf to reach completion – including hotels carrying the Hilton and Hyatt Worldwide flags and exciting restaurants such as Hanks Oyster Bar and Kirwan’s Irish Pub, whose chefs are world renowned.”
The hotels share a parcel bounded by Maine Avenue, Wharf Street, Pearl Street and 7th Street Park. The building is adjacent to Recreation Pier which will host kayaking, waterside workout classes and a roaring fire pit.
Both hotels will be managed and operated by Concord Hospitality Enterprises Company. The hotels are designed by SmithGroup JJR.
About The Wharf/Hoffman-Madison Waterfront
The Wharf, developed by Hoffman-Madison Waterfront, is a $2 billion, world-class, mixed-use waterfront development centrally located on the Potomac River, along the historic Washington Channel. Situated along the District of Columbia’s Southwest Waterfront and adjacent to the National Mall, The Wharf stretches across almost one mile of waterfront on 24 acres of land and more than 50 acres of water from the Municipal Fish Market to Fort McNair. When complete, it will feature more than three million square feet of residential, office, hotel, retail, cultural, and public uses including waterfront parks, promenades, piers and docks. Led by PN Hoffman and Madison Marquette, the development group is comprised of ER Bacon Development, City Partners, Paramount Development and Triden Development. More information is available at www.wharfdc.com or 202-688-3590.