Gemstone, which manages more than 20 hotels across the US, specializes in luxury and upscale hotels, primarily in urban settings. The Glenn marks the company's third boutique hotel management contract added in just the past two months.

"During times like these, hotel owners shift to the top operators to protect their investments and optimize returns," says Thomas Prins, a Gemstone principal. He adds that the company has plenty of expertise in running independent high-end hotels and resorts.

Built in 1923 and converted from an office building at 110 Marietta St. NW, the Glenn features modern amenities such as plasma HDTVs, European-style bedding and oversized desks, and includes rooftop and lobby bars and Maxim Prime Steakhouse. The hotel, which completed $2.5 million worth of renovations earlier this year, is located near Philips Arena, CNN Center and Centennial Olympic Park.