Republic has approximately 2.4 acres under control via a long-term contract for the entitlement and development of a select service hotel. The parcel is located in College Park, Maryland at the intersection of Campus Drive and River Road, just across from Metro’s Green Line Station and within the larger M Squared Office Park.
The hotel is targeted to be a 160-room key Marriott Residence Inn with approximately 7,000 square feet of street-front retail designed to cater to the office park users, those conducting business with the University, out of town “game day” patrons, and weekend tourists seeking affordable access to Washington, D.C. The hotel will include typical amenity spaces for food and beverage service, as well as meeting spaces. The retail is designed to capitalize on the lack of food options nearby.
The hotel’s location is ideal, as approximately 4,000 workers utilize the M Square Office Park, which houses U.S. Government functions, private sector tenants, and R&D-oriented users—all of which have few nearby amenities. The University historically lacked higher quality hotels close to its campus, and our proximity to the Metro and future Purple Line station bolster its attractiveness.
Republic has filed for entitlements and is into the design and budgeting phase of this development. We expect construction to start in 2020 with completion by mid-2022.
* All projects for development are expressed at original cost and do not represent fair market value.