Carmel Partners secures loan to redevelop historic D.C. Marriott

According to the Commercial Observer, San Francisco-based real estate firm Carmel Partners has secured a $360 million construction loan to redevelop of the former Washington Marriott Wardman Park Hotel building in Washington, D.C.

The company, which acquired the historic 1,152-room hotel in late 2021 for $152.2 million, is reportedly looking to replace the property with a multifamily development. The hotel closed in January 2021 after its then-owner, an affiliate of Pacific Life Insurance Co., entered bankruptcy proceedings due to COVID-related shutdowns. The hotel had ceased operations in during the early days of the pandemic, and Pacific Life permanently shuttered the hotel just before filing for Chapter 11 bankruptcy protection. 

The hotel opened in 1918, days after World War I ended, but was unable to hold an opening celebration due to the influenza epidemic.

Wells Fargo is reportedly supplying the loan for the project.