Ilan Scharfstein has extensive experience managing a wide range of real estate projects including hotels, offices, retail, and residential buildings. Some of the key projects highlighted in the document include renovating the 1,260-room Washington Marriott Wardman Park hotel within a compressed 12-month schedule, developing the 228-room upscale limited service Hampton Inn Washington DC Convention Center that sold for $72 million, and renovating the 301-room Sheraton Reston Hotel under budget by avoiding general contractor markups.

1. Representative Hotel Projects
With broad experience managing hotel renovations and new hotel construction, Ilan Scharfstein has worked
closely with hotel management and ownership teams to successfully navigate the challenges posed by aggressive
schedules and tight budgets.
Washington Marriott Wardman Park
Anticipating stiff competition from the new Gaylord National and the
future Marriott Marquis convention hotels, the ownership team funded
a top-to-bottom renovation of all guestrooms, public areas, and
meeting facilities -- as well as construction of a new junior ballroom
and underground parking garage -- while remaining open for business.
• Ilan managed the $100 million renovation and repositioning
• 1,260 guestrooms and 100,000 SF of function space
• Compressed 12-month renovation schedule
Hampton Inn Washington, DC Convention Center
In order to maximize its competitiveness against nearby 4-star hotels,
this well-positioned property was custom designed as an “upscale
limited service” hotel. The 1,300th Hampton when it opened, it had the
highest ADR in the system. The powerful combination of economics
and esthetics garnered the project Hilton’s “Deal of the Year” award.
• $30 million development cost; sold for $72 million
• 228 guestrooms, 2 meeting rooms, fitness center, and indoor pool
• Ilan acted as both the development and construction manager
Sheraton Reston Hotel
Acquired under threat of deflagging after years of deferred
maintenance, this hotel required a complete makeover of guestrooms,
public areas, and its facade on a tight budget. In order to stretch the
budget, Ilan engaged an on-site construction manager who entered into
prime contracts with contractors. Avoiding the general contractor
markup allowed the owner to complete the PIP under budget and
purchase a new phone system with the savings.
• Ilan assembled the team and managed the $12 million renovation
• 301 guestrooms and 20,000 SF of function space renovated
Grand Hyatt Washington
Targeted for acquisition -- thought ultimately not acquired -- by JBG,
the property was the subject of rigorous physical and zoning due
diligence. Among other tasks, Ilan identified opportunities for
additional retail revenue by reconfiguring the hotel’s public spaces.
• 888 guestrooms and 3 levels of below-grade function space

2. Representative Office and Retail Projects
Over the past decade, Ilan Scharfstein has successfully managed the entitlement, development, or renovation
of over 1.7 million square feet of commercial office projects throughout the DC metro area.
Chase Tower, Chevy Chase, MD
Headquarters to Ritz Carlton and developer JBG, Ilan acted as
development manager of this complicated project. In addition to the
office component, the project includes a separate retail building
connected by a 2-level garage that runs under a relocated public street.
A significant art program and public park were included in the
development plan.
• 230,000 SF class A office; 20,000 SF retail
• Project included construction of the 3/4 acre Willoughby Park
Reston Heights, Reston, VA
Ilan assisted in negotiating option agreements for redevelopment of
two existing Reston office buildings, then assembled the design team
to create a plan for redevelopment of the site. The preliminary site plan
was approved within one year, achieving zoning approval of the
highest FAR site along the Toll Road. The plan anticipates 2 future
nearby Metro stations and has since been expanded to include adjacent
properties.
• 1,000,000 SF class A office with ground floor retail space
• 3.5 FAR
Plaza West, Bethesda, MD
As the Bethesda market grew around it, this older property required a
renovation in order to stay competitive. On a tight budget, Ilan directed
the design team to increase the building’s curb appeal, create a canopy
to demarcate the obscure building entry, and link the two lobby levels
with a small atrium. Bathrooms and corridors were also renovated,
carefully working around existing building tenants in an effort to
minimize disruption to their businesses.
• 100,000 SF class B office with limited retail space
• $2.5 million renovation budget

3. Representative Residential Projects
Recognizing that multi-family buildings are not just investments but people’s homes, Ilan Scharfstein has
approached managing residential development projects by balancing project economics with sensitivity to the
end user’s needs and wants.
The Mercer Condominium, Reston, VA
Ilan managed development of this northern Virginia condominium
project, which required modifying and phasing a pre-existing site plan.
The building structure includes both a concrete tower and a wood
frame low-rise component built over an underground garage.
Amenities include a fitness center, screening room, and outdoor pool.
• 194 units, ranging from 700 SF to 1,250 SF
Wardman West, Washington, DC
While overseeing the design of this luxury residential building, Ilan
developed and executed the approval strategy and procured a building
permit for this unbuilt project. Pre-development tasks included creating
condominium documents and a complex reciprocal easement
agreement with the adjacent hotel as well as design of a sales center
overlooking the site. Building amenities would have included both
indoor and outdoor pools, a sumptuous roof deck, a tennis court and
fitness center, and an attended front desk.
• 122 units, ranging from 800 SF to 4,500 SF