Four Points Hotel Pulls in a Reported $40M

WASHINGTON, DC-In a largely unpublicized deal that just closed earlier this week, the JBG Cos. has become the new owner of the Four Points Hotel by Sheraton, Washington, DC. Industry sources say that the property commanded an estimated $40 million. The The seller was 1201 & 1213 K Street Associates. Crestline Hotels & Resorts Inc. has been tapped to handle property management. “This acquisition is yet another sign of our confidence in the long-term prospects for Downtown Washington,” JBG managing partner Brian P. Coulter says. Located at 1201 K St. near the new Washington Convention Center, the Four Points Hotel is a prime property that underwent a renovation in 2000. Catering to the leisure and business traveler, the locale also features 9,400 sf of meeting space, as well as a fitness facility.

Also, Four Points comes with an additional 100,000 sf of developable FAR, and industry insiders are hinting that the site may very well be in for some changes. There is a list of possibilities for modification. Rumor has it that the property could be demolished to make room for an office structure, or the existing hotel could be topped with a luxury condominium segment.