LOCAL BRIEFING
LOCAL BRIEFING
Friday, March 9, 2007; Page D04
HOSPITALITY
Mayflower Hotel Sold to Venture Group
The Mayflower Hotel, a District landmark, was sold to Rockwood Capital for $250 million.
  Lockheed Martin shows its Joint Light Tactical Vehicle at a show in Florida. The company is collaborating on another military truck. (By Emily Harris -- Bloomberg News) |
The seller, a venture-capital group made up of Walton Street Capital, Rockpoint Group and SCS Advisors, bought the 660-room Mayflower in 2005. Rockwood, a private real estate fund in Connecticut, is working with Marriott, the Bethesda company that manages the hotel, to reposition the Mayflower in the Washington market.
MARKETS
Sourcefire Plans IPO
Sourcefire of Columbia, a maker of security products for computer networks, plans an initial public offering that could be worth as much as $86.6 million. The offering of 5.77 million shares was priced at $15 a share, Sourcefire said. Net proceeds to the company would be about $71.8 million, the company said. The shares are to be listed under the symbol FIRE on the Nasdaq Stock Market.
DEFENSE
Lockheed Behind on Building Warship
Lockheed Martin of Bethesda so far has failed to earn 48 percent of its potential bonus on a program to build a new U.S. warship, the Littoral Combat Ship, which is designed to operate close to shore.
Lockheed lost $3.4 million of $7.2 million available through July 2006 because of delays on the project, the Navy said. Lockheed could also lose part of its contract, depending on the results of a pending Navy review.
Lockheed Joins Armor Holdings for Bid
Lockheed Martin joined Armor Holdings to bid for a Marine Corps program to build blast-resistant trucks that could result in contracts totaling $2 billion. Armor Holdings is pursuing the work both as lead contractor and in support of another company's offering and plans to collaborate with Lockheed on the two initiatives, said Robert Mecredy, president of Armor's aerospace and defense business. Lockheed may assist in areas including systems integration and logistics support, he said.
BearingPoint Wins Navy IT Work
BearingPoint of McLean said it won a program-management contract worth up to $37 million to support the Navy's information technology systems. The five-year deal includes support services to standardize management of cost, risk and performance of large IT systems.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
