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WASHINGTON, DC-The Hotel George, a trendy hospitality destination billed as the District’s first modernist boutique hotel, has found a new owner. In a recent $24.1 million transaction, Bethesda, MD’s LaSalle Hotel Properties acquired the 139-room upscale property from Philadelphia’s Amerimar Enterprises, which held the building in its portfolio since 1997. District records indicate that the property has a 2004 proposed assessed value of about $17.5 million.

Located at 15 E. St. just a stone’s throw from the US Capitol, Hotel George occupies a 1920s-era structure that underwent a major $7 million renovation in 1998. Before it reemerged from its makeover, the property had been better known as the Bellevue Hotel. Today the facility offers 2,000 sf of meeting space–consisting of a boardroom, three function rooms totaling 1,200 sf, and seven parlor rooms–a fitness center, and a restaurant. On board to handle management activities at the property is Kimpton Hotel & Restaurant Group LLC, which already operates four of LaSalle’s other five hotels in the District.

“The Capitol Hill area continues to experience a tremendous redevelopment and renaissance which has attracted both government and non-government tenants to the area,” says LaSalle chairman and CEO Jon Bortz. “Due to Washington, DC’s significant barriers to entry and strong growth in room demand in all segments, including commercial transient, group and leisure/tourism, we believe that Washington, DC will continue to exhibit strong lodging fundamentals over the immediate future. Moreover, the significant diversification of visitors to the city and the substantial demand created from government, union and lobbying activities provide support even in an economic downturn.”

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