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WASHINGTON, DC-It is looking likely that ICG Properties and Castleton Holdings will be redeveloping their property at 1050 31st St. into an ultra luxury hotel. Castleton acquired in January 2008 for $18.25 million. ICG then partnered with Castleton at the end of last year at a 50-50 split.

Located in the heart of Georgetown, the freestanding, five-story, 50,000-square-foot property was previously occupied by the American Trial Lawyers Assoc. It also has two levels of underground parking–essential for any hotel in space-constrained Georgetown.

David Stern, a principal with ICG tells GlobeSt.com there were a couple of options for this property, including hotel. With a high-end flag now in the pipeline, it is likely that a hotel will be the ultimate use for this building. Stern declined to disclose the name of the prospective operator other than to say it doesn’t have a presence in the DC market and that its brand is focused on cultivating long-term customer relationships. He declined to discuss financing as well.

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