$10 MILLION FROM PROCEEDS TO BE USED FOR CULTURAL GRANTS
WASHINGTON, June 10, 2022 /PRNewswire/ -- Events DC, the official convention and sports authority of the District of Columbia, announced that its board of directors voted yesterday to approve the sale of land it owns beneath the Marriott Marquis hotel in downtown DC to the hotel developer. A portion of the proceeds from the sale – approximately $10 million -- will fund grants that provide financial assistance to qualified nonprofit cultural institutions based in the District. The funding is intended to aid organizations with needed resources during the recovery phase of the pandemic. These institutions that engage in the management, interpretation and distribution of cultural and artistic knowledge and offer and promote activities meant to inform, educate attract visitors and residents to DC.
"This is an important day in the promotion and preservation of the District's unique cultural identity," said John Falcicchio, Deputy Mayor for Planning and Economic Development. "We thank our partners at Events DC, Quadrangle Development Corporation and Capstone Development for their continued support and investment in our local economy."
The sale is the result of a stipulation in the original lease signed in 2010 that granted the hotel developer the option to purchase the land where the hotel currently sits from Events DC and the DC government.
"This landmark hotel has been vital to transforming this area into an events and entertainment destination," said Max Brown, Chairman of the Board of Directors of Events DC. "With this sale, we will be able to invest in the distinct cultural institutions that make this city unlike anywhere else in the world, providing visitors to the nation's capital with an unmatched experience. Despite the challenges we faced in the last two years, we are an incredibly resilient city and that's because of fortitude of our diverse communities and by the strong leadership of the Mayor and DC Council."
After opening its doors in 2014, the Marriott Marquis became the city's largest hotel, adding 100,000 square feet of meeting space and nearly 1,200 rooms, and was named DC's official convention center hotel as the only hotel with redirect access to the Walter E. Washington Convention Center. The hotel was the product of a successful public-private partnership, which has had a significant economic impact on the area since it opened.
"This moment encapsulates the importance of innovative collaborations between public agencies and private business," said Samuel Thomas, Interim president and chief executive officer of Events DC. "Projects like this provide vital economic opportunities, attract new visitors, and support the physical and cultural infrastructure of this beautiful city for future generations of DC residents."
Events DC is currently developing the new grant program, which is expected to launch fall 2022. Organizations interested in the cultural institution capital grants can visit the Events DC website for further information in the coming months.
About Events DC
Events DC, the official convention and sports authority for the District of Columbia, delivers premier event services and flexible venues across the Nation's Capital. Leveraging the power of a world-class destination and creating amazing attendee experiences, Events DC generates economic and community benefits through the attraction and promotion of business, athletic, entertainment and cultural activities. Events DC oversees the Walter E. Washington Convention Center, an anchor of the District's hospitality and tourism economy that hosts more than 1.7 million visitors and generates more than $400 million annually in direct economic impact, and the historic Carnegie Library at Mt. Vernon Square. Events DC manages the RFK Stadium-Armory Campus (RFK Campus), including Robert F. Kennedy Memorial Stadium, Festival Grounds at RFK Campus, the non-military functions of the DC Armory, and the Skate Park at RFK Stadium. Stay current on the 190-acre RFK Campus Redevelopment Project at www.RFKFields.com. Events DC also built and serves as landlord for Nationals Park, the first LEED-certified major professional sports stadium in the United States. Events DC manages Gateway DC, R.I.S.E. Demonstration Center and Entertainment & Sports Arena all conveniently located in the Congress Heights neighborhood of Washington, DC. For more information, please visit www.eventsdc.com and find us on social media – Facebook, Instagram and YouTube (Events DC), and Twitter (@TheEventsDC) — and on our new hub for live and on-demand event programming on GATHER by Events DC at www.gatherbyeventsdc.com.
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SOURCE Events DC