More People Are Visiting D.C.’s Hotels Than Ever Before
This past year saw the highest occupancy rate for all Washington, D.C. hotels in a decade. The D.C. Office of Revenue Analysis analyzed data from May 2005 to May 2015 and discovered that this growth was attributed to the new Convention Center hotel’s first full year as well as the year-over-year exponential growth in demand for hotel rooms in Washington, D.C. Industry data company STR, Inc. determined that the 12-month year ending in May 2015 saw 6.2 percent higher hotel demand than the previous year, with a total 77.3 percent occupancy.
Washington Business Journal: People on the Move – Joe Tilley
Phillips Realty Capital (PRC) Chief Operating and Financial Officer, Joe Tilley, has taken on a new companion role as the CFO of EB5 Capital, PRC’s joint venture partner and leader in the EB-5 immigrant investor industry. Tilley will oversee EB5 Capital’s finances and investments.
Washington Business Journal: People on the Move – Caroline Anderson
Caroline Andersen joined EB5 Capital as its Director of Finance & Accounting. She began her accounting career at Baker Tilley Virchow Krause, LLP, and most recently served as Assistant Controller for the Washington NFL team.
148-room Proper to join ranks of boutique hotels in downtown L.A.
Travelers to cities with thriving downtowns, such as New York and San Francisco, have long been familiar with one-of-a-kind boutique hotels, but downtown Los Angeles has long been ruled by big chains selling soothing predictability.
That pattern is finally changing as L.A.’s city center becomes a place more people want to visit — and where investors want to make money.
Buying visas with investments is big business. And Congress is taking notice.
What began as a rarely used path to U.S. citizenship for wealthy foreigners has become big business in American real estate, one that Congress is considering for reform.
The EB-5 immigrant investor program allows citizens of foreign countries to acquire U.S. visas by investing a minimum of $500,000 into American businesses so long as the money creates at least 10 jobs.
A few years ago the program was barely used. By one count, only 346 such visas were issued nationwide in 2005.
A look inside Douglas Development’s work to reshape a D.C. icon
The Uline Arena’s days hosting inaugural balls, rock concerts, circuses and sporting events are long gone, but a new chapter is now being written inside the cavernous structure by Third and M streets NE less than a block from the NoMa-Gallaudet U Metro station.
Construction is well underway at what was formally known as the M.J. Uline Ice Company and Arena, which is now enclosed by construction fences. By day, it serves as a hive for dump trucks and work crews gutting the interior of one of the most storied venues in local and national history.
Why D.C. and Maryland still think they need more retail
The Washington region has become one of the hottest areas for retailers in recent years, with new restaurants considered among the nation’s best, a slate of tony downtown shops at CityCenterDC and a glut of Whole Foods stores on the way.
Why then, are District officials — along with representatives of Prince George’s County and the state of Maryland — in Las Vegas this week pitching their jurisdictions to chain retailers?
Here’s another angle on D.C.’s biggest move ever
Last week, we showed you how Douglas Development Corp. and its contractor, Davis Construction, moved the first of two historic structures to make way for the massive Square 450 project in Mount Vernon Square.
The gargantuan effort, moving the 880-ton New York Avenue building 34 feet, is an impressive feat. The goal is to “preserve, protect and enhance the historic built environment” in the District, said Joe Baker, a senior project manager with Davis.
Monument Realty wants to add a massive graphic to 225 N. Calvert St.
The company that is planning to redevelop the former Bank of America operations center at 225 N. Calvert St. wants to install a massive wrap-around graphic on the building just above street level.
The graphic is still in development. Designers ran a first draft of an image past city officials last week. The company developing the building, Monument Realty, said it’s intent on finding an image that will liven up a dark section of Calvert Street that planners have said for years could use more color.
Hotels for the Next Generation
Longing for alternatives to the conventional, cookie-cutter hotel? Along with crocuses and daffodils, new specialty chains from major hospitality companies including Marriott, Hilton, Hyatt and Carlson Rezidor will be springing up across the globe in the coming weeks and months.
The hotels are what’s known in the industry as “lifestyle” brands: They strive to appeal to the predilections of next-generation travelers. Some are trying to lure millennials (who are defined as between 18 and 34 in 2015, according to the Pew Research Center)) with high-tech lounges, reasonable rates, locally inspired amenities, and grab-and-go meals.