WASHINGTON, DC-An affiliate of Lowe Enterprises of Los Angeles has acquired the property to be developed as the residential portion of the Washington Hilton for $22 million.
Lowe Enterprises owns the 1,070-room Hilton at 1919 Connecticut Ave. NW with Earvin "Magic" Johnson's Canyon-Johnson Urban Fund, according to the Washington Business Journal.
Mark Rivers, managing director of Lowe Enterprises Real Estate Group, says the decision to split the property off from the hotel arose as Canyon-Johnson and Lowe sought to refinance the debt they took out for a planned $150-million renovation of the hotel a few years ago.
Rivers adds Canyon-Johnson had no intention to be a part of the residential development when it teamed up with Lowe to buy the hotel for $290 million back in 2007. Lowe subdivided the residential portion of the hotel site and sold that property to a new entity, Dupont DC Investors LLC, which is finalizing plans for the residential development that at the moment calls for between 200 to 230 units.
Lowe Enterprises and Canyon-Johnson continue to own the Washington Hilton. See story in the Washington Business Journal.
© 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.