Woodridge Capital Partners CEO Michael Rosenfeld likes old buildings — even the ugly ones. In Greater Washington, he’s preparing to overhaul a doozy: the Key Bridge Marriott in Rosslyn.
In 2018, Woodridge and Oaktree Capital Management LP, both based in Los Angeles, purchased the hotel and 5.5-acre property for $190 million from Host Hotels & Resorts Inc. (NYSE: HST). We’re now getting a preview of what the developers have planned for the site.
First of all, don’t worry, Marriott fans: The deal includes a provision that the world’s oldest Marriott remain a Marriott for “decades,” Rosenfeld said. It’s no wonder: The Key Bridge Marriott, the second hotel the company ever built and the oldest still in operation, dates back to 1959. The hotel as it looks today was actually built in sections over a 30-year period.
Although Rosenfeld is staying mum on most of the other details for now, here’s what we know: The hotel renovation project will be substantial, costing in the…Read the full story from the Washington Business Journal.