Boutique Hotel Brings in $24M

WASHINGTON, DC-The Hotel George, a trendy hospitality destination billed as the District’s first modernist boutique hotel, has found a new owner. In a recent $24.1 million transaction, Bethesda, MD’s LaSalle Hotel Properties acquired the 139-room upscale property from Philadelphia’s Amerimar Enterprises, which held the building in its portfolio since 1997. District records indicate that the property has a 2004 proposed assessed value of about $17.5 million.

Located at 15 E. St. just a stone’s throw from the US Capitol, Hotel George occupies a 1920s-era structure that underwent a major $7 million renovation in 1998. Before it reemerged from its makeover, the property had been better known as the Bellevue Hotel. Today the facility offers 2,000 sf of meeting space–consisting of a boardroom, three function rooms totaling 1,200 sf, and seven parlor rooms–a fitness center, and a restaurant. On board to handle management activities at the property is Kimpton Hotel & Restaurant Group LLC, which already operates four of LaSalle’s other five hotels in the District.