Norm Jenkins, NABHOOD board member and President, of Capstone Development, LLC, along with its development partner, Quadrangle Development, LLC broke ground on the long awaited Washington DC Marriott Marquis headquarter hotel on November 10, 2010. The $540M, 1,175-room hotel is being developed adjacent to the Walter E. Washington Convention Center. The hotel will include over 100KSF of meeting space, six food and beverage outlets, 400 parking spaces and will include an underground pedestrian connection to the convention center. Here are a few of the project highlights:
$540M public/private partnership
110,000SF of meeting and banquet space
6 Food and Beverage outlets
400 onsite parking spaces
LEED Certified building
1 of 3 Marriott Marquis properties in the world
First Marquis development in 25+ years
significant job creation (construction and permanent) for local residents
This highly anticipated deal will be one of the most significant hotel transactions of 2010, and after its 42-month construction period, will be the largest hotel in Washington. The Marriott Marquis also promises to make its mark on the local economy by creating new jobs for DC residents. The project is also expected to spur other redevelopment projects for the continued economic revitalization of the historic Shaw neighborhood, which the Convention Center calls home.
Capstone Development is a Washington, DC based commercial real estate development and acquisition company. It targets urban, high barrier markets and seek to control all facets of the underlying asset. Targeted asset classes consist of nationally branded hotels and mixed use assets located near transportation hubs and/or multiple demand generators. Its primary investment focus is centered on the top 25 metropolitan areas in the United States, and uses private equity to fund projects. Capstone has two affiliated companies, Capstone Management Services and Capstone Procurement Services.
The founder of Capstone is Norman K. Jenkins. Mr. Jenkins is a 20-year hospitality veteran, having held management and executive roles at McDonald’s Corporation and Marriott International. While at Marriott, Jenkins was a corporate officer and served as Senior Vice President, North American Development. Jenkins other executive roles include, Vice President & CFO, Ramada International, Vice President, Global Operations, Ramada International, and Vice President, Owner & Franchise Services. Mr. Jenkins is a frequent industry conference speaker and serves on numerous boards. Mr. Jenkins holds a BA from Howard University, an MBA from George Washington University and is a CPA. Mr. Jenkins resides in suburban Washington, DC with his wife and two children.