Amstar Group, a Denver-based private real estate investment company, plans to renovate the eight-story building, which includes 219 guest rooms and 6,700 sf of meeting space, and reposition it as an upscale boutique hotel, with Interstate Hotels of Pittsburgh serving as manager. "The Washington Park Terrace Hotel boasts an outstanding location on Scott Circle less than three blocks from the city's central business corridor, and six blocks from both the White House and the 2.3 million-sf Washington Convention Center, which is presently under construction and scheduled to open in early 2003," says Kevin D. Mahoney, Amstar's executive director of hotel investments.

Amstar's Washington, DC real estate portfolio also includes 1425 New York Ave., a class A commercial office tower, which has the US Department of the Treasury and the US Department of Justice as two of its main tenants.