BRE bought the property for $160 million in early 2004 from Strategic Hotel Capital, a joint venture involving Whitehall Street Real Estate Fund and Prudential Real Estate Investors. According to District real estate records, the property has a current assessed value of nearly $114.5 million.
The Hyatt Regency DC sits at 400 New Jersey Ave. NW, occupying a full city block a few streets north of the US Capitol. Seller BRE spent more than $10 million on a capital improvement plan that included the recent renovation of all guestrooms. The property features 41,000 sf of meeting space that includes the new rooftop meeting center, a fitness facility, swimming pool, restaurant and lounge.
"It is part of our strategy to own high quality upper-upscale luxury properties in urban and resort locations with high barriers to entry," Host Marriott president Kevin J. Jacobs tells GlobeSt.com. Jacobs adds that the company has a solid relationship with Blackstone and negotiated the deal with BRE directly. Blackstone is not commenting on the matter, as per a company spokesperson. The transaction is on target to close at the end of the month.
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