Hines Qatari Diar, District Finalize Hotel/Retail Development… - Hines

Hines Qatari Diar, District Finalize Hotel/Retail Development at CityCenterDC

Hines and Qatari Diar to build 370-room Herzog & de Meuron-designed Conrad hotel and 70,000 square feet of retail space

(WASHINGTON, D.C.) – Hines, the international real estate firm and Qatari Diar, the real estate development entity of the Qatar Investment Authority, together developers of CityCenterDC, and D.C. Mayor Vincent C. Gray, announced today that the parties have closed on the agreement allowing Hines and Qatari Diar to proceed with the design and construction of a 370-room luxury hotel and 70,000 square feet of large-format retail space, at CityCenterDC, the 10-acre, landmark, mixed-use development located in the heart of the nation’s capital. It was further announced that the hotel will be the Conrad Washington, D.C., the newest property in the Conrad Hotels & Resorts luxury brand portfolio operated by Hilton Worldwide (NYSE: HTL).

The Conrad Washington, D.C. project is being designed by Herzog & de Meuron Architekten, the internationally acclaimed design firm headquartered in Basel, Switzerland, and HKS Architects, Inc., a Dallas-based design firm with offices worldwide, including the District of Columbia, as Architect of Record. Herzog & de Meuron is known for sophisticated projects around the world including the Walker Arts Center in Minneapolis, The Tate Modern in London and the iconic 56 Leonard, a new condominium tower in New York’s Tribeca neighborhood. HKS Architects’ design philosophy is founded on the principal of creating places that enhance the human experience and inspire the way we live, learn, heal, work and play. Notable HKS hospitality projects include The Montage Beverly Hills in Beverly Hills, California, the Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona and the W Dallas Victory Hotel and Residences in Dallas, Texas. Rottet Studio, an international architecture and design firm specializing in corporate and hospitality projects for the world’s leading companies and brands, will be executing the interior design for the hotel. Rottet projects include The Benjamin Hotel in New York City, The Beverly Hills Hotel Presidential Bungalows in Beverly Hills, California, and the Loews Hôtel Vogue in Montréal, Canada.

Hines and Qatari Diar anticipate construction to commence in mid-2015, with initial occupancy of the retail space expected in late fall 2017, and the hotel opening in early 2018.

"Adding a world-class luxury hotel caps the transformation CityCenterDC brings to the downtown area of the District of Columbia," said Deputy Mayor for Planning and Economic Development Victor L. Hoskins. "This addition will be instrumental in our efforts to attract visitors to the city and to continue to grow and strengthen the city's economy."

“We are pleased that Qatari Diar has agreed to make an additional investment in Washington, DC and are pleased to announce Hilton Worldwide as our hotel partner at CityCenterDC,” said William B. Alsup, III, Senior Managing Director at Hines.

Commenting on the recent announcement, Khaled Mohammed Al Sayed, Group Chief Executive Officer of Qatari Diar, said, “Conrad Washington, D.C. is Qatari Diar’s second significant investment in the U.S. property market. As we move into the construction of the hotel, we remain committed to the execution of unique international real estate projects that demonstrate Qatari Diar’s deep-rooted belief of upholding quality and sustainability within the global community.”

"Conrad Hotels & Resorts has a global portfolio of 23 properties in key gateway cities and resort destinations that offer luxury experiences by offering guests intuitive service, a world of style and infinite connections," said John T. A. Vanderslice, global head, Conrad Hotels & Resorts. "We are truly excited to join the CityCenterDC development and its highly anticipated quality mix of retail, residential, dining and office tenants. Conrad Washington, D.C. will represent a destination for a new generation of global luxury travelers for whom life, business and pleasure seamlessly intersect."

CityCenterDC currently contains 188,000 square feet of retail space, 216 for-sale residential units, 458 apartment units 520,000 square feet of office space, public open space and was substantially complete in December 2013.

When completed, the retail component of CityCenterDC will consist of approximately 260,000 square feet of space in 50 stores, restaurants and cafés. It will complement and enliven existing downtown retail by providing one-of-a-kind shopping and dining destinations for the D.C. metro area. The project will feature a unique mix of local, national and international retail brands and restaurants with extensive street frontage. A critical mass of retail tenants have committed to the project including Tumi, Allen Edmonds, Kate Spade, Hugo Boss, Zadig & Voltaire, Burberry, Del Frisco’s Double Eagle Steak House and DBGB Kitchen and Bar. A Retail Grand Opening is planned for November 2014.

The Apartments at CityCenter, designed by Shalom Baranes Associates, have set a new standard for urban living and respond to the District’s growing demand for well-appointed apartment homes in convenient locations. The apartment interiors showcase thoughtful features and functional layouts, including substantial living rooms, open kitchens and bamboo flooring. Building amenities feature an outdoor swimming pool, two-story fitness center and rooftop dog walk. The 458 luxury apartments, which include 92 affordable units, are now more than 50% leased since their opening in December 2013.

The Residences at CityCenter, designed by Foster + Partners, are stunning architectural additions to downtown. The sophisticated condominium residences feature custom European kitchens, built-in wardrobes and floor-to-ceiling glass allowing for abundant natural light. All of the homes offer access to a balcony or Juliet balcony. Eleven of the homes have a true rarity, the exclusive use of private terraces. Sales of the units have been underway since fall 2013, with the first owners taking occupancy in December 2013. Currently, approximately 80% of the units have been sold.

About CityCenterDC

CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington, D.C., on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. When completed, it will consist of more than 260,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units, parking for 1,550 cars, a luxury hotel/retail component, a public park, a central plaza and pedestrian-oriented streets and alleyways.

Foster + Partners, an international studio for architecture, planning and design based in London, served as the master-plan architect and the design architect for the office and for-sale-housing components. Shalom Baranes Associates, P.C., a Washington-based architectural firm, served as the associate master-plan architect and led the design effort on the residential rental component.

Construction of the project commenced in March 2011 and was substantially complete by year end 2013 with initial occupancy in December for the residential buildings and early 2014 for the office and retail components. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.

Construction of the Conrad Washington, D.C. luxury hotel is expected to commence in 2015 and will consist of an approximately 370-rooms and 70,000 square feet of large-format retail space.

About Hines

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.

About Qatari Diar

QATARI DIAR Real Estate Company (QD) was established by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. Its purpose is to support Qatar’s growing economy and to coordinate the country’s real estate development priorities. With over 49 landmark projects underway in more than 29 countries, QATARI DIAR is committed to its vision of promoting a better quality of life for the people of Qatar and around the world by creating distinguished developments on a grand scale, incorporating best practice in industry standards. The Company aims to create and manage property investments and developments which comply with the best international standards and strongly reflect local culture and values. As a result, QATARI DIAR’s projects deliver a sustainable social, economic and environmental benefit to the community. Visit www.qataridiar.com.

About Conrad Hotels and Resorts

Conrad Hotels & Resorts is the destination for the new generation of smart luxury travelers for whom life, business and pleasure seamlessly interact – people who know that the greatest luxury is the luxury of being yourself. A global luxury brand consisting of 23 properties across 5 continents, Conrad offers guests personalized experiences with sophisticated, locally inspired surroundings and connections to people and places around the corner or halfway around the world. Intuitive service is delivered with the Conrad Concierge mobile app that puts Conrad’s services and amenities at the guest’s fingertips, whether pre-checking in or ordering room service to customizing the room’s pillow options or arranging reservations at our locally inspired cuisine and spa offerings. Conrad is part of Hilton Worldwide, a leading global hospitality company. Connect with Conrad by booking at www.conradhotels.com or www.conradhotels.com/offers. Learn more about the brand by visiting http://www.news.conradhotels.com.

For more information, contact:

Hines

George Lancaster – 713-966-7676

George.Lancaster@hines.com

Qatari Diar

John Watts – +97470218282

BLJ Worldwide

johnw@bljworldwide.com

Hilton Worldwide

John Walls – 703-243-8540

john.walls@hilton.com

Conrad Washington, D.C.

Preliminary Design by Herzog & de Meuron

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