WASHINGTON, DC-On Thursday an affiliate of Stanford Hotels Group, the L'Enfant DC Hotel LLC, announced it purchased the L'Enfant Plaza Hotel in downtown DC last month. The purchase price of the 372-key property was not revealed. The hotel is now closed in anticipation of a major renovation.
But that is not the only hotel trading in the DC area. GlobeSt.com has learned from a source that the Hilton Arlington & Towers is trading for $54.3 million. Separately, we have not learned anything to debunk the rumor we reported recently that LaSalle Hotel Properties is getting ready to sell Hilton Old Town for $93 million (or $385,892 per key) to Walton Street Capital.
The one deal that is confirmed is the L'Enfant Plaza Hotel trade, which has yet to be branded by its new owners. According to a prepared statement by Will Gibbs, senior vice president, L'Enfant DC Hotel LLC, the plans call for restoring the hotel to 4 Diamond status with an eye to reopening in 2015.
"The current development of an additional 58,000 square feet of retail space adjacent to the hotel and the future development plans of 1.8 million square feet of mixed-use commercial property on the Potomac River's Southwest waterfront one block away make the potential for the hotel to be at the height of its 40-plus-year history," he also says.
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