Friday, October 21, 2011

OTO on a Roll with Hampton Inn in Golden Triangle


Hospitality developer OTO Development, the company striving to turn the neo-classical Editor's Building at 1729 H Street, NW, into a Hampton Inn, has been given the green light by the Office of Zoning this week.

Corry Oakes, president and CEO of OTO Development – currently under contract to purchase the Editor's Building – said the next step for the Hampton Inn project is to seek approval for interior demolition. With the goal to have demolition underway before the end of the year, construction will likely begin in the first quarter of 2012, said Oakes.

The office-turned-hotel renovation, designed by Bob Greenberg with Gordon & Greenberg Architects, will leave the exterior of the 10-story building intact and focus on inner alterations, including revamping an all-marble main lobby, and carving out 116 Hampton hotel rooms, a brand under the Hilton family empire.

OTO asserts on its website that it will "take great efforts to retain the classic character of this building and to incorporate much of its history into [the] interior design."

The sale of the building, owned and occupied by Kiplinger Washington Editor's Inc. for the last six decades, was brokered by Holliday Fenoglio Fowler, L.P., and was initially projected to close this month, however, Dek Potts, a managing director at HFF, says the settlement will now take place in December.

Oakes confirmed that OTO does not typically close on a property until it is ready to begin construction, and passing through the Board of Zoning Adjustment's review – allowing for a variance from off-street parking requirements – was a big step toward that goal.

Washington D.C. real estate development news

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