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WASHINGTON, DC-About one year after having come under new ownership, the Hyatt Regency Washington, DC on Capitol Hill will change hands again now that Host Marriott Corp. has committed to acquiring the property from Blackstone Real Estate Advisors affiliate BRE/Capitol Hill LLC. Host Marriott will spend $274 million to take the 834-room hotel.

BRE bought the property for $160 million in early 2004 from Strategic Hotel Capital, a joint venture involving Whitehall Street Real Estate Fund and Prudential Real Estate Investors. According to District real estate records, the property has a current assessed value of nearly $114.5 million.

The Hyatt Regency DC sits at 400 New Jersey Ave. NW, occupying a full city block a few streets north of the US Capitol. Seller BRE spent more than $10 million on a capital improvement plan that included the recent renovation of all guestrooms. The property features 41,000 sf of meeting space that includes the new rooftop meeting center, a fitness facility, swimming pool, restaurant and lounge.

“It is part of our strategy to own high quality upper-upscale luxury properties in urban and resort locations with high barriers to entry,” Host Marriott president Kevin J. Jacobs tells GlobeSt.com. Jacobs adds that the company has a solid relationship with Blackstone and negotiated the deal with BRE directly. Blackstone is not commenting on the matter, as per a company spokesperson. The transaction is on target to close at the end of the month.

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