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WASHINGTON, DC-A joint venture involving Brickman Associates and New Valley Corp. is the new owner of the 193-room St. Regis Hotel here. The joint venture paid Starwood Hotels and Resorts $47 million for the landmark, which has a current assessed value of approximately $24.3 million.

Starwood decided to excise the first-rate hotel from its extensive portfolio of high-end holdings as part of its strategy of disposing of properties in order to direct the proceeds toward the repurchasing of shares and other corporate activities. Brickman and New Valley plan to institute a multimillion renovation of the celebrated hotel, which will continue to carry the St. Regis flag and operate under the management of St. Regis Hotels & Resorts.

The St. Regis made its official debut just a few blocks north of the White House with President Calvin Coolidge holding the scissors at a ribbon-cutting ceremony. Decorated in the Italian Renaissance style, the property has amenities such as a fitness facility, business center and 11,000 sf of meeting space. It also has two restaurants, the St. Regis Restaurant and the Library Lounge.

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