Less than two years after being purchased by Jamestown Properties and undergoing a massive $23 million renovation, the Madison Hotel is in the process of changing hands again.
Loews Hotels & Resorts , which operated the hotel until January 2011, is buying back the iconic property in Northwest Washington for an undisclosed sum.
“The Madison completed a dramatic $23 million renovation in 2012,” Paul Whetsell, president and chief executive of Loews Hotels & Resorts, said in a statement. “We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market.”
Jamestown Properties, an Atlanta-based real estate investment firm, bought the hotel and its adjoining office building from Bentall Kennedy for $123 million in January 2011. The company replaced operator Loews Hotel with Destination Hotels & Resorts, a subsidiary of Lowe Enterprises.
The deal is expected to close in January.