Fortune 500 Hotel Company To Relocate Headquarters to Office Tower in Bethesda
Decision by Host Hotels & Resorts will keep 187 full-time jobs in Montgomery County
Rendering of planned building at 4747 Bethesda Ave.
VIA JBG SMITH PROPERTIES
A Fortune 500 company that owns upscale hotels announced on Thursday plans to move its headquarters to an office tower under construction in downtown Bethesda.
The state and county have promised Host Hotels & Resorts a total of $900,000 in loan and grant funding to help with the project cost, according to a Maryland Department of Commerce press release.
The company is on track to lease about 55,000 square feet inside a high-rise being built by JBG Smith Properties at 4747 Bethesda Ave. Host Hotels & Resorts expects to move its 187 full-time employees out of its current headquarters on Rockledge Drive in Bethesda in late 2019.
The decision means that Montgomery County will retain one if its four Fortune 500 companies, the release stated.
“While we considered other areas, we ultimately decided that Maryland and specifically downtown Bethesda offers us the most convenient transit access, amenity-rich location and high quality, efficient office space,” James Risoleo, the company’s president and chief executive officer, said in a prepared statement.
The company, the sixth-largest lodging real estate investment trust in the nation, owns 88 properties in the United States and six international properties, the news release stated.
The Maryland Department of Commerce is offering the company a $600,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund, and the county is contributing a $300,000 conditional grant through its Economic Development Fund, the release stated.
Host Hotels & Resorts will share the 15-story office building with JBG Smith Properties, which announced earlier this year that it would move its headquarters from Chevy Chase to the new high-rise at 4747 Bethesda Ave.
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