Lockheed Protests Award to Boeing
Lockheed Martin of Bethesda, along with Sikorsky Aircraft, is protesting the Air Force's decision this month to award Boeing a coveted helicopter contract. Lockheed was considered the front-runner for the program, which is potentially worth $15 billion and includes producing more than 100 search-and-rescue helicopters. The protests were filed with the Government Accountability Office.
Lockheed Unit Wins Navy Contract
The Navy awarded a contract worth $26.5 million to the Baltimore unit of Lockheed Martin to make a submarine missile system. Under the deal, Lockheed Martin Maritime Systems and Sensors will make spare parts and repair parts for the MK-41 launching system, a missile-firing system used aboard naval submarines and surface vessels. Work is to be performed in Baltimore and Ventura, Calif., and is targeted for completion by November 2010.
Fannie to Sell Gas-Reduction Credits
Fannie Mae won a patent for a system to verify greenhouse-gas-reduction credits earned by homeowners, securing a foothold in a $22 billion market while raising concerns about the federally chartered company overstepping its mission. The District firm's ousted chief executive, Franklin D. Raines, is listed on the patent as an inventor of the system. The patent is held jointly with a subsidiary of Cantor Fitzgerald, a New York bond firm, but it gives Fannie Mae proprietary control over a method for pooling and selling credits to companies that cannot meet emission-reduction targets.
LaSalle Properties Buys New York Hotel
LaSalle Hotel Properties of Bethesda bought the Holiday Inn Manhattan Wall Street District for about $50.5 million. The 138-room hotel is in Manhattan's financial district. The company plans to convert the hotel, which is slated to be renovated, to a luxury independent hotel, bringing the total cost to $60 million.
DiamondRock Adds Two Hotels
DiamondRock Hospitality of Bethesda agreed to buy two Renaissance hotels -- the 492-room Renaissance Austin Hotel and the 521-room Renaissance Waverly Atlanta Hotel -- for a total of $237.5 million, bringing to 20 the number of hotels under its management. The deal, expected to close by year-end, would deliver $3 million in net income in 2007. Renaissance is a brand of Marriott International of the District.
Fauquier Bankshares Names Executive
Fauquier Bankshares named former Virginia Community Bank president Gregory D. Frederick as its first executive vice president and chief operating officer. The company's primary subsidiary, Fauquier Bank, is a locally owned bank with eight offices in Fauquier and Prince William counties and Manassas.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.