Hotel on the Hill Gets New Owner

WASHINGTON, DC-With the assistance of Jones Lang LaSalle Hotels, the Hyatt Regency Washington, DC on Capitol Hill has found a new owner in Blackstone Group affiliate BRE/Capitol Hill LLC, which acquired the 834-room hotel from Jones Lang LaSalle client SHC Capitol LLC. All parties are keeping mum on the value of the transaction; however, District tax records indicate that the property has a 2004 assessed value of nearly $111 million. “The level of investor interest was keen,” Jones Lang LaSalle Hotels senior vice president Thomas Fisher notes. “The Hyatt Regency was particularly attractive due to its strong historical financial performance and its outstanding track record and reputation in the corporate and group markets.”

Occupying one full city block at 400 New Jersey Ave., the Hyatt Regency carries the distinction of being the largest hotel property on Capitol Hill. In addition to its guest rooms, the hotel features 35,000 sf of recently renovated meeting space, a 3,000-sf pre-function area, an exercise facility, two restaurants, two lounges and a coffee shop. Plans for a $10-million upgrade of the property are already in the works.