X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Kimpton Hospitality Partners LP hotel fund has acquired the Radisson Barceló Hotel, which is in the Dupont Circle neighborhood. It is the first purchase for the fund, which was recently developed by Kimpton Group Holding LLC.

With a new owner at the helm, the 301-room hotel will undergo a $32 million renovation and take on the name Hotel Palomar. KHP Fund is willing to disclose the amount it will spend on the renovation, but it has chosen not to publicize information regarding the acquisition cost. According to District records, the property has a current assessed value of $22 million and a proposed 2006 assessed value of about $35.8 million.

San Francisco-headquartered Kimpton Real Estate CEO Mike Depatie explains that “with the recent closing of the KHP Fund, we sought an opportunity to strengthen Kimpton brand presence on the East Coast.” During the makeover, KHP’s new purchase will be known as the Dupont Circle Hotel, but come January 2006, the property at 2121 P St. NW will be called the Hotel Palomar–Palomar being a burgeoning Kimpton brand. The hotel will then sport an additional 34 rooms, as well as an increase in its meeting space offerings from 6,500 sf to 10,500 sf.

The Washington hospitality market is among the strongest in the country. “The hospitality sector in gateway cities such as New York and Washington, DC, will continue to outperform other domestic markets, as foreign travelers continue to take advantage of favorable exchange rate,” according to Marcus & Millichap’s Spring 2005 Hospitality Research Report. “[In Washington, DC], domestic and international travel, plus the return of business travel, fueled performance gains last year, and should help carry occupancy in area hotels to 71.2% in 2005.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.