D.C. convention center hotel deal close

Developers of the planned convention center hotel and D.C. officials have reached a tentative deal that would expedite the project without the city buying in as an equity partner.

The city has already committed land and $187 million for a planned $540 million, 1,167-room Marriott Marquis across the street from the Walter E. Washington Convention Center that is viewed as critical to the city’s ability to attract major convention business.

But in early June, when the search for private financing by development partners Quadrangle Development Corp. and Capstone Development LLC stalled, Mayor Adrian Fenty proposed issuing $750 million in bonds to finance and own the entire building.