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$169M Four Seasons DC Purchase Closes

WASHINGTON, DC-The Four Seasons Washington, DC, joins the real estate portfolio of Strategic Hotel Capital Inc. The Chicago-based REIT closes on its $168.9 million purchase of the 211-room luxury hotel from a Louis Dreyfus Property Group-managed entity.

By Barbra Murray | Updated on March 04, 2006

WASHINGTON, DC-Strategic Hotel Capital Inc., which also operates as Strategic Hotels & Resorts, has closed on its $168.9-million acquisition of the Four Seasons Washington, DC. The Chicago-headquartered REIT announced in January that it would acquire the 211-room luxury hotel from an entity managed by New York City-based Louis Dreyfus Property Group, which had acquired the property under the name Georgetown Plaza Associates in 1998.

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.”

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