And although the property was renovated five years ago, the new owner plans to upgrade the brick lodging facility before reopening it to accommodate visitors late this summer. The transaction was orchestrated by real estate brokerage firm Molinaro Kroger.

"This luxury boutique hotel situated in an irreplaceable location in historic affluent Georgetown drew competitive bids from investors around the world," says Molinaro Koger, senior vice president Mark Morris, adding that the hotel real estate is one of the hottest investment commodities in 2005. "The premium location and significant upside of this luxury boutique combined with investor interest in hotels to make this one of the most contested assets I have brought to market in a decade."