BETHESDA, MD—Last month Kimpton Hotels and Restaurants announced it would close one of its boutique flagged hotels, The Hotel Helix, and reopen it next year as a new concept hotel called the Mason & Rook.

Mike Barnello, CEO of LaSalle Hotel Properties, a local REIT that owns the property provided more details about the renovation during the company's Q3 earnings report last Friday. The full renovation will come to about $23 million, which the REIT has underwritten double digit cash on cash return over the next two to four years, he told earnings call listeners.

The REIT has about eight renovations underway or about to begin; Barnello called the Helix's renovation "the most exciting" of these projects.

The renovation also represents a sizeable investment for a market that performed poorly for the REIT in the last quarter, which was also noted during the earnings call and in the filings for the quarter. Washington DC posted a RevPAR decline of 7.3% as occupancy declined by 1.1% and ADR dropped by 6.2% for the quarter compared to the previous year period. Barnello attributed the drop in part to the relatively few events in the city compared to six large events held in DC in the Q3 of 2014.

As for the Mason & Rook, Kimpton says it will be a whole new concept. On the forthcoming hotel's Facebook page, Kimpton said that "the idea is that you'll discover something or someone new each time you visit - an artifact, a cocktail, a new culinary treasure. The residential styling is super welcoming, too."