The American and Qatari developers of the downtown CityCenterDC complex announced today that they’ve finalized a deal to bring a luxury hotel to 10th Street NW and New York Avenue.

Houston-based Hines and Qatari Diar, the real estate development arm of the Qatar Investment Authority, will build a 370-room luxury hotel and 70,000 square feet of retail at the site. The hotel will be called the Conrad Washington, D.C., part of Conrad Hotels & Resorts, the luxury hotel line from Hilton.

Hines and Qatari Diar expect to begin construction in mid-2015. Retailers would begin moving in in the fall of 2017, and the hotel would open in early 2018.

“Adding a world-class luxury hotel caps the transformation CityCenterDC brings to the downtown area of the District of Columbia,” outgoing Deputy Mayor for Planning and Economic Development Victor Hoskins said in a statement. “This addition will be instrumental in our efforts to attract visitors to the city and to continue to grow and strengthen the city’s economy.”

John T. A. Vanderslice, the global head of Conrad Hotels & Resorts, described the coming hotel as “a destination for a new generation of global luxury travelers for whom life, business and pleasure seamlessly intersect.”

The Washington Post previously reported rumors of the hotel deal. The Conrad hotel line is named after Hilton founder Conrad Hilton.

CityCenterDC has increasingly shaped up as a destination for the one percent; in addition to the hotel, the complex already has or will soon feature a lineup of high-end retailers that includes Kate Spade, Longchamp, Allen Edmonds, Burberry, Dior, Hermès, Paul Stuart, Salvatore Ferragamo, and Zadig & Voltaire.

Rendering by Herzog & de Meuron