Mast Capital has sold its upscale 57-room Georgetown hotel to Legacy Hotel Group for $37M, following a multimillion-dollar renovation in 2013.

The $649k/key sale of the four-star The Graham Hotel Georgetown, brokered by CBRE, is one of the highest price per key sales in DC in recent years.

Mast Capital bought the hotel on Thomas Jefferson Avenue, then branded as Hotel Monticello, in 2011 for $16.4M. The building underwent significant renovations in 2013, expanding the hotel from 38 to 57 rooms.

“We knew this property had great potential when we first started plans to transform it into The Graham. The community fully embraced the new vision for it,” Mast Capital CEO Camilo Miguel Jr. says. “We’re thrilled to have led the expansion and rebranding of this iconic property in this high barrier-to-entry market.”

While certainly one of the highest recent sales prices, it pales in comparison to The Capella Hotel's sale in April for $1.3M/key.

CBRE managing director Andy Wimsatt referenced Georgetown's tough historic preservation guidelines as a reason for the high sale price.

“Georgetown’s scarce hotel inventory, compounded with stringent city regulations on redevelopment, creates one of the highest barrier-to-entry markets in the region,” Andy says.

On the same block as The Graham Hotel, JBG is looking to sell its 317k SF Jefferson Court office building.