Hotel Monticello of Georgetown, A European-style Luxury, Boutique Hotel, Sold by Molinaro Koger
MCLEAN, VA, June 23, 2005. The fact that investors are placing premium value on Washington DC hotels and real estate is proven by the recent sale of Georgetown's Hotel Monticello. In a transaction structured by Molinaro Koger, an international hotel real estate brokerage headquartered in metro DC, the Hotel Monticello was purchased by JBS Ventures, LLC from Marbury Place LLC. A European-style boutique hotel that caters to international dignitaries, embassy staff and World Bank executives, the Hotel Monticello will close for renovation following the sale and open late summer 2005.
"This luxury boutique hotel situated in an irreplaceable location in historic affluent Georgetown, drew competitive bids from investors around the world," said Mark Morris, Senior Vice President of Molinaro Koger, who structured the transaction.
A 20-year veteran of the DC hotel real estate market, Mr. Morris says the nation's capital is the country's top hotel market, drawing intense investor interest. One of the reasons behind investor interest in DC is solid operational dynamics. The Washington DC market has easily absorbed a 1 percent increase in hotel room supply during the past 12 months with demand considerably outpacing supply. Overall demand for the same period grew by 2.4 percent resulting in a 3.5 percent growth in room revenue.
"Hotel real estate is one of the hottest investment commodities in 2005. The premium location and significant upside of this luxury boutique combined with investor interest in hotels to make this one of the most contested assets I have brought to market in a decade.
"Naturally we were pleased to bring our client a strong return on their investment and culminate the transaction in a manner beneficial to all parties," said Mr. Morris.
The all-brick facade hotel has seven floors and 47 rooms, the majority of which are suites. All the hotel's rooms feature oversized floor plans, marble baths, armoires, French doors, marble-toped wet bars with micro fridges and Hermes toiletries. Located just off M Street, on Thomas Jefferson Blvd., the hotel benefits from its proximity to the nation's top tourist attractions, government agencies, and more than 70 million square feet of premium office space.
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