Miami Mortgage News

72- Prince George's County preps for a hotel boom

April 21st, 2017 6:06 PM by Nour Ailan

Prince George’s County preps for a hotel boom

After years of being dominated by motels along U.S. Route 1, the Maryland county has seen a shift of late. The most obvious example is the MGM National Harbor, which opened late last year as the county's first new full-service hotel in a long time.

But the growth isn’t limited to buzzy National Harbor. All over the county — from Riverdale Park to Largo and Bowie to Hyattsville — new hotels are cropping up.

Six new or redeveloped hotels have opened in the past year, and six more are under construction, including the Hotel at the University of Maryland, which is adding another full-service hospitality option to the county.

Approximately 24 others are either proposed or approved and pending start of construction, according to a tally by the county’s conference and visitors bureau. In all, the county's tourism agency has tallied more than 4,200 new hotel rooms that are planned or proposed coming to Prince George's County in the next decade. That represents a near 40 percent increase from the area's existing hotel stock, which includes 78 properties and 10,854 rooms.

Some of those might be more in the "pipe dream” phase right now — hotels are included in plans for both the Konterra Business Park in Laurel and the theoretical FBI complex at Greenbelt Metro station, though both projects have been moving very slowly and no flags or estimated groundbreakings have been announced. But many of the hotel projects are expected to move forward.

The county itself encouraged some of this development, using its Economic Development Incentive Fund to help bolster a few projects. The fund gave a $1.4 million loan for a $27 million Courtyard by Marriott that’s now under construction in Melford, and $1.2 million loan and a $300,000 conditional grant to the developer of a Homewood Suites that’s about to break ground in Largo.

There’s also a new hotel going on a county-owned piece of property, a 2.6-acre parcel across from the College Park Metro station. Republic Properties recently won a bid to build a 125-room hotel that is slated to have a Marriott flag.

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