Located across the street from the White House, it was firstdeveloped in 1888 as a retail store and apartment building. In 1917the property was transformed into a hotel by the same architectswho designed the Senate and the House on Capitol Hill and has beenoperating as a hotel ever since.

Istithmar plans to close the 328-room 17-suite hotel for thenext year to complete renovations, the cost of which has not beendisclosed. Up until now, Gemstone Resorts International, a hoteland resort management company, has been managing the property.There is no word on who will take over that mandate once therenovations are done and the W is open for business. Also unknownis whether Starwood Hotels & Resorts Worldwide will retain themanagement or franchise it. The company did not return calls intime for deadline. Located on the corner of Pennsylvania Avenue and15th Street, the new W Hotel will have 317 guest rooms, including32 suites, a rooftop bar and terrace and signature restaurant.

"We strongly believe in the W story and are confident we cancreate an asset for the whole DC community to embrace and enjoy,"Joe Sita, chief executive of Istithmar Hotels says in a statement."The Hotel Washington has played an important part in the historyof the city and we wish to expand on the hotel's history and toacknowledge its role in the community." This deal now brings thecompany's W portfolio to four, he adds, following two recentlyannounced Bangkok and Koh Samui deals and the existing W UnionSquare in New York.