The company plans to develop, own and manage three hotels--a139-key Courtyard by Marriott, an 125-room Residence Inn by Marriott and an 95- to 100-unit SpringHill Suites by Marriott, according to company president, Ernest Murphy. All of the properties will be four or five stories. Construction on the first hotel--the Courtyard by Marriott--is expected to begin by the end of this year and will be delivered by October 2008.
According to Murphy the development costs of the hotels in total will be roughly between $40 million to $45 million. "The Courtyard will be between $15 million to $17 million," he says. The Residence Inn should come in at $14 million to $16 million and Springhill $13 million to $14 million, he says. The Residence Inn will be delivered in October 2009 and the SpringHill Suites, approximately one year later.
Once it is finished, Maryland Science and Technology Center @ Melford will have more than 700,000 sf of commercial office space, as well as an additional 45,000 sf of retail space. It is located midway between Annapolis and Washington, DC, at the intersection of US Route 50 and Maryland Route 3/301.
St. John Properties completed Melford I, a four-story, 136,000-sf office building at the park earlier this year, which is currently 62% leased. Plans are underway for the construction of Melford Plaza II, a six-story, 230,000-sf companion structure with a structured parking deck.
"The addition of hotel amenities to this business community sets it apart from the competition in the Baltimore-Washington, DC corridor, and positions Maryland Science and Technology Center as a full-service and mixed-use development," Jerry Wit, senior vice president of marketing for St. John Properties, said in a statement.
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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.
