Corporate Office Properties Trust (COPT) (NYSE:OFC) announces that Redstone Hospitality, LLC (the Developer) will build a Marriott TownPlace Suites hotel on a 3.1 acre parcel in Redstone Gateway. The Developer, which is not an affiliate of the Company, will pay LW Redstone Company, LLC (the joint venture between COPT and Jim Wilson & Associates, LLC) a ground rent in accordance with a ground lease between the two parties. The Developer expects to break ground before March 31, 2014, and to complete construction approximately one year later.
The hotel, to be built to a Leadership in Energy and Environmental Design (“LEED”) Silver standard, will contain approximately 125 guest rooms, a breakfast area, meeting rooms, a fitness and health facility, indoor pool and other amenities consistent with Marriott TownPlace Suites standards.
COPT is an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, most of whom are engaged in defense information technology and national security-related activities. The Company generally acquires, develops, manages and leases office and data center properties concentrated in large office parks primarily located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of June 30, 2013, the Company’s consolidated portfolio consisted of 210 office properties totaling 19.0 million rentable square feet. COPT is an S&P MidCap 400 company.
Logos, product and company names mentioned are the property of their respective owners.