Located at 515 15th St. NW, the Hotel Washington sits on the perimeter of the White House in the city's central business district. The building that the hotel occupies was originally developed 1888 and served as an apartment and a retail establishment. The property was first converted into hotel in 1917. Today the property features a restaurant, fitness facility and 17,000 sf of meeting space.
The $350,000 per-room is indicative of the strength of the Metro Washington, DC lodging market. Marcus & Millichap's Spring 2006 Hospitality Research Report notes that in the country's five largest hotel markets, the median price per-room increased last year by 40% to $62,000. The numbers are even higher in the Washington, DC area market. "The median price rose 20% last year to $151,200 per room, but sales so far in 2006 have priced much higher."
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