$35M Financing Launches Hotels' Development

WASHINGTON, DC-Rocks Engineering Co. in Vienna, VA. and SharCon Hotel Management & Development Co. in Gaithersburg, MD, are joint venturing on the development of two adjacent hotels in Northeast Washington. A five-story, 126-room Fairfield Inn & Suites and a five-story, 125-unit Holiday Inn Express Hotel & Suites will be located at the intersection of New York Avenue and Bladensburg Road, next to the District’s National Arboretum.

Now demolished, a Travelodge Hotel had once been at the 3.6-acre site. The two firms have begun construction on the two hotels and expect to deliver in first quarter of 2008.

HFF managing director Mark Remington, who is based in the company’s Washington, DC office, arranged the construction financing for the partners through Bank of America.