April 11, 2006


Forget the housing bubble. For DC hotel space, "the median price rose 20% last year to $151,200 per room, but sales so far in 2006 have priced much higher," reported Marcus & Millichap's Spring 2006 Hospitality Research Report. Very strong market. Overvalued?

Case in point, Westbrook Partners LLC has agreed to acquire the 341-room Hotel Washington from owners Gal-Tex for an amount in the range of $120 million or a whopping $350,000 per-room, said Globestreet. The seller is a family-owned biz that has held the property since 1940.

Located at 515 15th St. NW in downtown, the Hotel Washington has a wonderful rooftop bar with lousy food, weak drinks and an incredible view. The building that the hotel occupies was originally developed 1888 and served as an apartment and a retail establishment. The property was first converted into hotel in 1917.

Let's hope the new owners spruce up a bit.

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