By Rahul Odedra
Will be part of the CityCenterDC project and will be the developer's second investment in the US property market
Qatari Diar, the real estate development entity of the Qatar Investment Authority, has emerged as one of the parties behind the construction of the Conrad Washington, DC.
The Hilton Worldwide-operated hotel is set to open in early 2018 and will part of the CityCenterDC project in the US capital.
Qatari Diar is working with international real estate firm Hines on the design and construction of the hotel and 70,000 square feet of large-format retail space.
Slated to open in early 2018, the hotel will have 370 rooms and is being designed by Herzog & de Meuron Architekten and HKS Architects.
"We are truly excited to join the CityCenterDC development and its highly anticipated quality mix of retail, residential, dining and office tenants,” said Conrad Hotels & Resorts global head John Vanderslice.
“Conrad Washington, D.C. will represent a destination for a new generation of global luxury travellers for whom life, business and pleasure seamlessly intersect."
Hines and Qatari Diar are expecting construction to commence in mid-2015, with initial occupancy of the retail space expected in late fall 2017, before the hotel opens in early 2018.
Qatari Diar group CEO Khaled Mohammed Al Sayed said: “Conrad Washington, D.C. is Qatari Diar’s second significant investment in the US 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.”