1 Washington Circle Hotel Changes Hands in $49M Deal

A three way partnership between Electra America and AKA has acquired One Washington Circle Lodge, a 152-room resort in Washington, D.C., from George Washington College.

The value was $49 million, in response to somebody near the deal.

The brand new homeowners, who go by Electra America Hospitality Group, are planning a $30 million renovation and can reopen the Foggy Backside resort in the summertime of 2023, in response to the three way partnership. A brand new title for the resort can be shared nearer to opening, although it is going to be an AKA-branded property.

“This was a superb alternative to accumulate a resort asset in want of renovation in a excessive barrier to entry market that may take pleasure in substantial development on account of a number of demand drivers, together with proximity to giant, prestigious educational establishments, governmental businesses and a litany of D.C. tourism points of interest,” Russ City, Electra America Hospitality Group’s CEO, stated.

The resort is at 1 Washington Circle, simply blocks from George Washington College, George Washington College Hospital and the World Financial institution. It was inbuilt 1964 and final renovated in 2003.

“This property additionally enhances AKA’s rising presence within the Washington, D.C., metro market, permitting AKA to capitalize on efficiencies derived from economic system of scale whereas planting a flag in one of many metropolis’s most enjoyable districts,” City stated, citing Lodge AKA Alexandria, opening later this 12 months, and AKA White Home, which has been within the District for a decade.

The nine-story property’s 152 suites common 480 sq. toes, and the resort gives a ground-floor restaurant, a 3,300-square-foot assembly room, a health heart, a enterprise heart and a small outside pool.

“We’re happy by the profitable completion of this transaction,” stated Bruno Fernandes, vice chairman of finance and treasurer of George Washington College. “The proceeds from the sale of 1 Washington Circle can be used to help the educational mission of the college.”

Marc Journal, govt managing director, hospitality at Savills, represented the vendor within the deal. 

Keith Loria will be reached at Kloria@commercialobserver.com.