WASHINGTON, DC–As we reported last month, the Madison has found a buyer.
Waterton and an affiliate of Walton Street Capital have announced their acquisition of the 356-room hotel formerly known as the Loews Madison. The property has been rebranded as The Madison, a Hilton Hotel. It will be managed by Hilton Hotels & Resorts.
This is Waterton's first acquisition in the Washington DC market, according to a prepared statement by Nir Liebling, chief investment officer of hospitality at Waterton. It is also Waterton's first hospitality acquisition of 2017, the company said.
There has been a number of trades in the Washington DC area in recent weeks, which Marc A. Magazine, executive managing director of Savills Studley Hospitality Group, attributes to the fact that the year is closing and hotel trades had slowed at the beginning of the year as people waited to see what the new administration would do.
The conclusion has been reached that it is a business-friendly administration, Magazine tells GlobeSt.com, and deals are now starting to flow. He also says that investors are becoming more skeptical of New York and more interested in other major cities, including DC.
WASHINGTON, DC–As we reported last month, the Madison has found a buyer.
Waterton and an affiliate of Walton Street Capital have announced their acquisition of the 356-room hotel formerly known as the Loews Madison. The property has been rebranded as The Madison, a Hilton Hotel. It will be managed by Hilton Hotels & Resorts.
This is Waterton's first acquisition in the Washington DC market, according to a prepared statement by Nir Liebling, chief investment officer of hospitality at Waterton. It is also Waterton's first hospitality acquisition of 2017, the company said.
There has been a number of trades in the Washington DC area in recent weeks, which Marc A. Magazine, executive managing director of Savills Studley Hospitality Group, attributes to the fact that the year is closing and hotel trades had slowed at the beginning of the year as people waited to see what the new administration would do.
The conclusion has been reached that it is a business-friendly administration, Magazine tells GlobeSt.com, and deals are now starting to flow. He also says that investors are becoming more skeptical of
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
