A spokesperson for the Prince George's County Executive office tells GlobeSt.com that the project originally called for 20% minority and local business participation with a $9 million penalty. The Council wanted to amend that number. This week the participants agreed to change the requirements to 15% minority and a $21 million penalty.
"Gaylord is going to fulfill its agreement and in addition will add back in the local contribution voluntarily," the spokesperson says.
Gaylord National Hotel Resort and Convention Center will be the project's anchor. Fairfield Resorts, Hilton's Hampton Inn, Residence Inn by Marriott, Westin Hotels and Resorts and W aloft Hotel will also be located here, for a total of 3,000 hotel rooms.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
