All parties involved in the transaction--including Thayer's representative in the deal, Eastdil Property Co.--are remaining tight-lipped about the purchase price. However, the hotel and the 16-acre property it occupies are currently assessed at a value of $244.3 million. The property will undergo a $50 million renovation, but will continue to carry the Marriott flag.

With the address of 2660 Woodley Rd. NW, Marriott Wardman Park is just a short walk from the National Zoo in DC's mostly residential neighborhood of Woodley Park. The hotel has been expanded over the years, and currently encompasses the 202-room Wardman Tower, the 933-room Center Tower and the 199-room Park Tower, as well as 173,000 sf of meeting space.

The planned upgrade will be conducted in phases over a two-year period starting early next year and will include the renovation of the entire stable of guestrooms, as well the meeting space. Additionally, new restaurants are in the works and a new fitness center will grace the property. The new owners plan to do away with an existing ballroom and above-ground parking structure and replace it with a new underground parking facility. The addition of a residential element is on tap; the Park Tower will be converted to a condominium building.