Carmel Partners, a San Francisco-based company, has secured a $360 million construction loan for the redevelopment project of the old Washington Marriott Wardman Park Hotel in Washington, D.C. The hotel, which has been closed since 2020, will be replaced by two residential structures. The loan has been provided by Wells Fargo, although the lender has not yet given any comment on the matter.
In 1913, the hotel opened as the Wardman Hotel, later becoming the Marriott. Unfortunately, it permanently closed in 2020 due to financial difficulties caused by the pandemic.
History on the Washington Marriott Wardman Park Hotel Redevelopment
The hotel initially thrived due to the housing crisis caused by the expansion of Washington, D.C. during World War I. It quickly gained popularity and attracted influential guests, including foreign diplomats, members of Congress, and Vice President Marshall.
On January 11, 2021, the hotel’s owner, Pacific Life subsidiary Wardman Hotel Owner LLC, filed for bankruptcy, triggering the permanent closure of the hotel and the termination of its management contract with Marriott. Carmel Partners acquired the property for $152.2 million in a bankruptcy auction held in July 2022. At the time, the company announced plans to develop a 900-unit, two-tower multifamily building on the site. The renovation plans were approved by the Historic Preservation Review Board in April 2022.
Originally, the development was planned to occupy less than 3 acres of land. However, public documents revealed that it would cover over 5 acres, and this expansion was later approved. According to the papers filed with the Historic Preservation Review Board, Carmel Properties intends to demolish the existing hotel and construct two 90-foot multifamily structures surrounding a central courtyard, complete with 2 acres of green space.
FAQ
Who is providing the construction loan for the Marriott Wardman redevelopment?
The construction loan of $360 million is provided by Wells Fargo.
What is the plan for the redevelopment of the old Washington Marriott Wardman Park Hotel?
Carmel Partners intends to replace the hotel with two residential structures.
When did the Washington Marriott Wardman Park Hotel permanently close?
The hotel closed permanently in the winter of 2020.
Why did the Washington Marriott Wardman Park Hotel close?
The hotel experienced financial difficulties as a result of the COVID-19 pandemic.
What were the original plans for the development and how did they change?
The original plans indicated that the development would occupy less than 3 acres. However, it was later revealed that it would cover over 5 acres, and this expansion was approved.
What are Carmel Properties’ intentions for the redevelopment?
Carmel Properties plans to demolish the existing hotel and build two multifamily structures surrounding a central courtyard, along with 2 acres of green space.
What approvals have been obtained for the redevelopment?
The renovation plans for the redevelopment were approved by the Historic Preservation Review Board in April 2022.
Who is Carmel Partners?
Carmel Partners is a San Francisco-based real estate company.
What is the history of the Washington Marriott Wardman Park Hotel?
The hotel originally opened as the Wardman Hotel in 1913 and later became the Marriott. It served as a prominent destination and hosted influential guests until its closure in 2020.
What happened to the hotel’s ownership?
The hotel’s owner, Pacific Life subsidiary Wardman Hotel Owner LLC, filed for bankruptcy in 2021. Carmel Partners acquired the property in a bankruptcy auction in 2022.
Is there any additional information about the construction loan or redevelopment project?
No additional information about the construction loan or redevelopment project has been provided at this time.
Closing Statements
Carmel Partners has secured a $360 million construction loan for the redevelopment of the Washington Marriott Wardman Park Hotel in Washington, D.C. Under the plan, the closed hotel will be replaced by two residential structures. The loan was provided by Wells Fargo. Carmel Properties will demolish the existing hotel and construct two multifamily structures with a central courtyard and green space. The renovation plans have been approved, and the project is expected to bring new life to the area.
