Hersha Hospitality Acquires Ritz-Carlton Georgetown For $32.5M
Philadelphia-based Hersha Hospitality Trust has acquired the Ritz-Carlton Georgetown Hotel from New York-based Millennium Partners for $32.5M.
The 86-room property at 310 South St NW is one of only three AAA Five Diamond hotels in the District. Guest room renovations were completed in 2014, the Washington Business Journal reports. Features include views of the Potomac River, a 130-foot smokestack, a hotel lounge called The Living Room featuring a wood-burning fireplace, and Degrees Restaurant.
The hotel is part of a $175M complex developed by Millennium back in 2003. The complex was originally a 70-year-old brick industrial building and now includes the AMC Loews Georgetown 14, the 28-unit Residences at The Ritz-Carlton Georgetown and a 600-space parking garage.
This is the fourth DC acquisition for Hersha, which also owns the Capitol Hill Hotel, St. Gregory Hotel, and Hampton Inn by Hilton Washington. The company also controls several other hotels in the area, including the Residence Inn Tysons and Hyatt House Gaithersburg. With the District in the midst of somewhat of a boom time for hotels, it’s little wonder that Hersha is looking to expand its presence in the area. [WBJ]