WASHINGTON, DC–Sources tell us that the Hamilton Hotel and the Madison Hotel are trading to buyers in separate deals.
Hamilton Hotel, located at 1001 14th St., NW, in Washington DC is trading to EOS Investors LLC in New York City from MassMutual Life and the Madison, located at 1177 15th St., NW is trading to the Chicago-based Walton Street Capital from Loews Hotels. GlobeSt.com was unable to reach EOS Investors in time for publication and Walton Street Capital did not return comment in time for publication.
Sources tell us that the Hamilton is trading anywhere from $334,921 per unit to $450,000 per key — a wide range that could be attributed to the fact that actual transfer prices are typically lower than the recorded prices because they do not reflect such attributes as goodwill, for instance. Sources could not pinpoint the sales price of the Madison in part because the last time it traded it included the office building as well.
Last year Jamestown Properties sold the Madison Office Building, a 98,000-square foot property at 1155 15th St., NW, which is connected to the hotel, to a Saudi investor for $34.9 million.
Jamestown sold the hotel portion to Loews Hotels & Resorts in 2012 after spending about $25 million on its renovation.
The trades (assuming the details are accurate) show how vibrant the DC market is for hotel assets, says Marc A. Magazine, executive managing director of Savills Studley Hospitality Group. “Washington DC is a strong market and not overbuilt like New York,” he tells GlobeSt.com.
WASHINGTON, DC–Sources tell us that the Hamilton Hotel and the Madison Hotel are trading to buyers in separate deals.
Hamilton Hotel, located at 1001 14th St., NW, in Washington DC is trading to EOS Investors LLC in
Sources tell us that the Hamilton is trading anywhere from $334,921 per unit to $450,000 per key — a wide range that could be attributed to the fact that actual transfer prices are typically lower than the recorded prices because they do not reflect such attributes as goodwill, for instance. Sources could not pinpoint the sales price of the Madison in part because the last time it traded it included the office building as well.
Last year Jamestown Properties sold the Madison Office Building, a 98,000-square foot property at 1155 15th St., NW, which is connected to the hotel, to a Saudi investor for $34.9 million.
Jamestown sold the hotel portion to Loews Hotels & Resorts in 2012 after spending about $25 million on its renovation.
The trades (assuming the details are accurate) show how vibrant the DC market is for hotel assets, says Marc A. Magazine, executive managing director of Savills Studley Hospitality Group. “Washington DC is a strong market and not overbuilt like
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
