CB Richard Ellis brokered the transaction on behalf of the seller, while ING and Kimpton relied on internal representation. Strong investor interest in the hotel made the process very competitive, ING Clarion vice president Marc C. DeLuca tells GlobeSt.com.
Developed in 1975 at 480 King St., Holiday Inn Select Old Town sits within close proximity to Washington, DC, and Washington Reagan National Airport. The 150,000-sf property also features 8,000 sf of meeting space.
ING Clarion and Kimpton will make big changes at the property, investing approximately $18 to $23 million on a comprehensive renovation program. "We will reflag it into a four-star hotel of the high-end Kimpton Hotels Monaco brand," DeLuca says. The reinvention project is scheduled to get under way in the next five to six months and will reach completion during the first quarter of 2007.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.