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National Harbor
I'm not sure if everyone is familiar with the National Harbor project in Prince George County Maryland off of the water of Potomac right by D.C. nationalharbor.com -- National Harbor Home Page
Well apparently this is going to be the biggest convention center project ever built on the east coast. The reason I bring this up here is because I know we have some of the most insightful and knowledgeable people of all forums on the Internet. And while I don't post much, I read often.
So on with the topic, what is the consensus on the National Harbor project from everyone? Personally, I still have mixed feelings on the projects in terms of its economical implication. I do believe it’s going to bring in a lot of business as it is the most expensive conventional center on the east coast rounding out to $2.1 billion and when it’s all said and done in a few years it is suppose to top off at $5 billion. Anytime a project is that expensive you better believe that it will be well maintained, secured and not ruined.
The place is practically a city of its own as it sits on 300 acres. The Prince George's Conference and Visitors Bureau is ecstatic about what its going to do for the PG economy. The NationalHarbor will apparently employ 30% of its work force from PG. Also Gaylord has donated a generous amount of money to the hospitality program at PG community college. The Gaylord Hotel has also already booked over a million rooms which is an industry record!
You would have to think that a lot of this business will overflow into the heart of PG. But I’m not exactly quite sure how I feel about it yet, in terms of PG reaping major economic benefits from the NationalHarbor. The question that I’m stomped on is will these businessmen who come for conventions for the National harbor perhaps just stay at other hotels in PG that are cheaper then the five put up at the Harbor? I would imagine the rates for those Hotels are outrageous probably surpassing $200 a night. So will they turn to cheaper but nice PG hospitality, in say Largo, Capital Heights, etc which will then in turn support our other businesses such as dining, town centers (BLV Cap), etc.
If this is the case that would be great for our town, I know for a fact that there are a ton of hotels directly off of exit 15b who are probably banking on National Harbor business to increase their occupancy and sales. I’m worried that as a town we might be putting to much faith in the NationalHarbor in terms of what it will provide for us.
A lot of this business from the NationalHarbor will be going to D.C. as well. I don’t quite understand why D.C. is shaking in their boots about this project as I image it will help them too. They won’t see any of that tax money though as the Harbor is located in PG, but it should still help them out. At this point I see near by major business competition vital for D.C. growth. Who Knows I think I’m kind of getting off topic here.
Back to the original point; how do you guys think PG hotel/lodging hospitality (which is the heart and in turn will boost other types of businesses around them) will fair? Will the National Harbor cause the market value and occupancy to lower, stay the same, or increase?
Also feel free to respond to any of my other comments on the National Harbor or spark your own issue or thoughts on the Harbor.
Finally, the reason why I'm so interested in the project is because I have a friend who wants me to invest some money into a hotel project located around the Capital Heights area (very close to Redskins stadium -- FedEx field and 10 minutes from the Harbor) and he keeps telling me how much the harbor will benefit us and this is an investment I cant miss. He already has 8 other investors lined up and he needs the backing of two more before we go through we this, I'm still apprehensive. So whats yours input, good investment or bad investment, please help! Thank you.
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