Marriott Signs Letter of Intent for Headquarters in Downtown Bethesda in Montgomery County, Maryland
Marriott International Inc. (NASDAQ: MAR) today announced it has signed a letter of intent with a joint venture between The Bernstein Companies and Boston Properties to develop its new corporate headquarters and hotel project in downtown Bethesda. The selected site is located at 7750 Wisconsin Avenue, at the corner of Wisconsin and Norfolk Avenues and spans two-blocks to the south and one block west to Woodmont Avenue, just a short walk from the Bethesda Metro station.
The new headquarters will provide a cutting-edge workspace for Marriott's associates, offering state-of-the-art technology, modern amenities and access to a range of transportation options. The new offices will meet green building standards, allow abundant natural light and provide the company's associates new opportunities for flexible, collaborative work spaces. The campus will also offer a childcare center for associates, a fitness center and a cafeteria.
The new Marriott flagship hotel will feature over 8,000 square feet of flexible meeting and ballroom space for meetings, banquets and conferences, and a variety of dining and social amenities, including a ground-floor restaurant with outdoor dining, a specialty coffee shop and a seasonal rooftop dining terrace.
An attractive landscaped public plaza situated between the hotel and office buildings will serve as a pedestrian throughway between Wisconsin and Woodmont avenues.
The development concept includes over 800 on-site, underground parking spaces for the hotel and office building. Under an agreement with Montgomery County, Marriott also plans to lease Garage 11, also known as the Woodmont Corner Garage, for exclusive use by Marriott associates and visitors during normal business hours. The garage would remain open for public use on evenings, weekends and holidays. The selected headquarters location between Wisconsin and Woodmont avenues allows for multiple options for ingress and egress for commuters, an important consideration for Marriott.
Marriott anticipates final project agreements to be executed in the next several months, including an office lease and hotel management agreement; the hotel will be owned by The Bernstein Companies. The project is also subject to receipt of necessary zoning and land use entitlements, and final approval of support from the State of Maryland and Montgomery County.
"Montgomery County has been Marriott International's home for more than 60 years, and we take great pride in the strong relationships we've developed and the contributions we have made as a committed community partner," said Carolyn Handlon, Executive Vice President Finance & Global Treasurer for Marriott International. "That's a tradition—and promise to the community—that started with Marriott's founders 90 years ago. We look forward to continuing that legacy as we create our new, 21st century home in downtown Bethesda and continue our work as the world's largest hotel company."
For more information about the new Marriott International HQ visit www.MHQBethesda.com.
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
All statements in this announcement are made as of June 24, 2020. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This announcement contains "forward-looking statements" within the meaning of federal securities laws, including statements related to expected leadership changes, our pipeline of new projects, and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our Securities and Exchange Commission ("SEC") filings, including our most recent Quarterly Report on Form 10-Q.