WASHINGTON — The landmark Key Bridge Marriott property is destined for something new.
Owner Host Hotels & Resorts says it has signed a contract to sell the Key Bridge Marriott for $190 million to developers who are expected to redevelop the site for retail, residential and lodging.
The sale is expected to close in the first quarter of 2018, Host Hotels said.
Host did not identify the buyers, but Real Estate Alert said it is a pair of Los Angeles-based developers, Oaktree Capital and Woodbridge Capital, which it said plan a $20 million renovation to the existing hotel and additional development.
Host calls the Key Bridge Marriott and the 5.5 acres it sits on one of the sites near D.C. with the best potential for redevelopment.
Last year, Host Hotels acquired the ground leases for the hotel, at 1401 Lee Hwy., for $54 million.
The Key Bridge Marriott has anchored the Virginia side of the Key Bridge for 57 years, and is Marriott International’s longest continuously operating hotel property.
