Monumental Sports & Entertainment is opening a business suite in Washington’s Capital One Arena that will be operational year-round.
The group that owns the NHL’s Capitals and the NBA’s Wizards unveiled the project Wednesday in conjunction with professional services firm KPMG. The team and company hope the sequel will become a model for other arenas in the United States.
“It’s a game-changer for the future,” Jim Van Stone, president of business operations and chief commercial officer of Monumental, told The Associated Press. “We occupy a facility space that was still working for over 200 events a year, three to four hours a day, and now they will be using it for over 100 working days a year to develop business opportunities for them. ”
KPMG managing partner Tim Gillis said he first considered the idea of using a year-round suite before the pandemic.
“It’s high-end real estate, but it’s only used, you know, 10 or 20 percent of the time,” Gillis said. “So maybe there’s a better way to use space like this. And I’m thrilled at the opportunity to do that.
The suite has been transformed into what KPMG calls a “ignition center”, designed for giving presentations and resolving business issues. It is expected to debut in July.
“This reinforces the idea that arenas play a central role in the ecosystem of the business community,” Monumental President Ted Leonsis said in a statement. “We are now creating a new real estate category of shared workspace: transforming suites normally used for a few hours a day of play into workspace, all day, all year round.”
Sports marketing expert Bill Sutton said it was time for a business suite like this to come to life and compared it to what PayPal and Verizon have with the Phoenix Suns in their gaming arena and center. training.
“It’s going to change the business model,” Sutton said.