Host Hotels & Resorts has begun construction on a new headquarters location in downtown Bethesda.
Marriott Hotels has recently committed to building a brand new company headquarters and Flagship hotel in downtown Bethesda. But it's not the only hotel company that will be expanding to the area. Host Hotels and Resorts has plans to lease a 55,000-square-foot space within a new high-rise being built on the 4000 block of Bethesda avenue in the heart of downtown Bethesda. By committing to lease in the new downtown location, Host Hotels and Resorts will remain one of four Fortune 500 companies that are headquartered in the state of Maryland -- others include Lockheed Martin, Discovery Communications, and Marriott Hotels.
The new headquarters will be housed in a 14-story building and shared with another company, JBG Brothers, which also is moving its headquarters from a nearby location to the new Bethesda high rise. Host Hotels’ 187 employees will move from its current Rockledge Drive headquarters to the new location when the project is completed in late 2019.
Host Hotels and Resorts' decision to build its new headquarters in downtown Bethesda was largely influenced by the town’s close proximity to the Metro, an abundance of nearby parking and dining, and the first-rate office space that the new building will provide.
Host Hotels and Resorts is the sixth largest hotel property firm in the nation, and owns 88 national and six international luxury hotel properties. This prompted the state and county governments to extend to $900,000 in financial incentives -- the Maryland Department of Commerce approved a $600,000 conditional loan, while Montgomery County is providing a conditional grant of $300,000.
The terms of these types of conditional loans and grants usually require the company to adhere to certain environmental standards while meeting economic job creation quotas.
What are your thoughts on the new headquarters? Do you think other hotel companies will be moving too? Let us know in the comments below.
