announced in January

As per District real estate records, the building and the 1.7-acre parcel it occupies have a total current assessed value of $64.3 million. The price tag for the Four Seasons is not out of the ordinary. "Sales of hotel properties continued at a robust pace in 2005," a recent Marcus & Millichap Hospitality Research Report notes. "Prices for hospitality assets have been rising at a steady pace as there is a significant amount of capital chasing deals."

The property in Georgetown at 2800 Pennsylvania Ave. The features 24,000 sf of retail space, 13,400 sf of meeting space, a 12,500-sf fitness center and an underground parking facility. Several months ago a $27-million renovation that was completed. It reduced the number of guestrooms by 46.

Strategic Hotels expects that the lodging facility will yield from $9.5 million to $10.5 million of EBITDA in the last 10 months of this year and from $10.4 million to $11.4 million during the first 12 months of ownership. In an earlier prepared statement on the acquisition, Strategic Hotels CEO Laurence Geller says, "as it stands, Four Seasons leads the market and enjoys a tremendous reputation."