The 1,070-room Washington Hilton is about to trade hands for $315M, or more than $281k per key.

The iconic hotel was purchased by Lowe Enterprise Investors and Canyon-Johnson Urban Fund—owned by NBA legend Magic Johnson—in 2007 for $290M. A deal to sell the property to a JV of Los Angeles-based Oaktree Capital and Clearview Hotel Capital is close, the Washington Business Journal reports.

The Washington Hilton, at 1919 Connecticut Ave NW in Dupont Circle, first opened its doors in 1965. The hotel has a storied history, which includes being the site of the assassination attempt on Ronald Reagan in 1981.

Just in front of the hotel, Lowe is teaming up with National Real Estate Advisors for a new luxury apartment tower project. That project, known as The Hepburn, will include 195 units in a curved glass building. It’s expected to deliver this summer, and is not part of the deal for the Washington Hilton.

As the good times roll for the DC hotel market, we continue to see extensive activity from those looking to secure their piece of the pie. Last month, Thor Equities filed plans for a new hotel at the site of the former Latham Hotel, while Hoffman-Madison waterfront secured $113M in financing to develop a dual-flag hotel at The Wharf. [WBJ]