Mayor Announces Opening of DC's First Five-Star Luxury Hotel

(Washington, DC) Mayor Anthony A. Williams, Deputy Mayor for Planning and Economic Development Eric Price, and Chief Financial Officer Natwar M. Gandhi announced today that the District’s first five-star luxury hotel will open in 2004 in the southwest waterfront area.The Mandarin Oriental Hotel project will receive approximately $46 million in tax increment financing (TIF) revenue bonds. The 400-room hotel will contain 33,000 square feet of meeting and banquet space, as well as restaurants and a spa.

“The Mandarin Oriental Hotel will be located in a District neighborhood with literally unlimited potential,” said Mayor Williams. “This luxury hotel will attract thousands of visitors to Southwest, which is part of my overall vision for a revitalized and vibrant waterfront for the District.”

The completion of the hotel will fulfill long-term planning goals of the city. “The project will mean jobs for District residents and increased opportunities for District businesses,” said Deputy Mayor Price. “The developers have signed agreements ensuring that 51 percent of the construction period jobs will be focused on District residents.”

“The Mandarin Oriental Hotel project is an excellent example of how tax increment financing can be used to inspire public and private partnerships that promote economic development in the District,” said Dr. Gandhi. “It is estimated that the District of Columbia will gain $140 million in new tax revenue over the first 20 years of the project, after accounting for debt service costs.”

“We are delighted to be adding a new hotel to our North American portfolio, and Washington, DC fits perfectly with our strategy of developing our brand in major cities worldwide,” said Edouard Ettedgui, Chief Executive Officer of Mandarin Oriental. “With our reputation for outstanding service, our design flair, our Oriental heritage and our restaurant and sp