CJUF/Lowe Acquire Dupont Hilton for $290M

WASHINGTON, DC-Los Angeles-based investors have acquired the iconic Hilton Washington hotel near Dupont Circle for $290 million. The two firms, the Canyon-Johnson Urban Fund CJUF and Lowe Enterprises Investors–both of which already own assets in the area–are planning a huge rehab of the aging property. More than $100 million will be spent completely redoing the 1,119 rooms, renovating the 36,000-sf International Ballroom and building an additional, smaller ballroom.

The company is also set to announce another DC deal in the coming weeks, CJUF managing partner Bobby Turner reveals: a $70-million mixed-use project in the Columbia Heights neighborhood. The residential component will have a significant affordable housing component and there will be retail on the ground floor.

The newly acquired hotel, which the companies acquired from Hilton, will remain a Hilton flag, according to Turner. It will continue to be managed by Hilton as well, Turner tells GlobeSt.com. “Hilton shares with us our vision of repositioning a flagship property.”