Amstar Closes $12-Mil Loan to Restore Doubletree Park Terrace Hotel

WASHINGTON, DC-Doubletree Park Terrace Hotel closes for renovations as owner Amstar Group, Ltd. secures a $23 million acquisition and renovation loan from Canada’s Bank of Nova Scotia. Amstar purchased the 219-room hotel in April for an undisclosed amount. The loan–which carries a three-year term and a floating rate–covers the planned $12 million restoration and part of the purchasing cost. The eight-story property currently has 6,700 sf of meeting space, a 4,000-sf outdoor courtyard, a 1,200-sf deck and a 1,000-sf patio terrace. Explaining the renovation plans, Amstar’s Executive Director for Hotel Investments Kevin D. Mahoney says, “this property will have a classically elegant interior with a contemporary flair that feels more residential, as opposed to a sterile, commercially designed hotel.” The new Washington Park Terrace Hotel is scheduled to re-open in April 2002.