Marriott International Inc. signed a letter of intent with Boston Properties Inc. and the Bernstein Cos. to build its new $600 million headquarters in downtown Bethesda, Md., the Washington Business Journal reported.
Marriott earlier said it was considering sites in the area large enough to accommodate a 700,000-square-foot, 22-story headquarters and a 230-plus-room Marriott-branded flagship hotel.
According to the report, Boston Properties and Bernstein have proposed to reconfigure Bethesda Center at 7550 Wisconsin Ave.
The project is likely to offer more than 800 underground parking spaces for the hotel and office, while the hotel will feature more than 8,000 square feet of meeting and ballroom space, among other amenities.
The office component of the project will be owned and jointly developed by Bernstein and Boston Properties. The hotel component, meanwhile, will be solely owned by Bernstein under a hotel management deal, the terms of which are yet to be concluded.
The parties are reportedly awaiting pending zoning and land-use entitlements and final approval of the incentives offered by Maryland and Montgomery County.