WASHINGTON, DC-Loews Hotels & Resorts has agreed to acquire the iconic Madison Hotel, a 356-room hotel located in Washington’s CBD. The seller is Jamestown Properties, which acquired the hotel more than a year ago. Loews’ purchase is scheduled to close in January 2013.

Pricing was not disclosed but the last time the hotel traded hands it was for $123 million—a deal that included the connected 95,000-square-foot office building. At the time of the purchase from Bentall Kennedy, Jamestown said it planned to invest an additional $20 million into hotel. It did, and the renovation–which Loews CEO Paul Whetsell called “dramatic”–is expected to give the asset a strong competitive position in the DC market.

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