Loews to buy Madison Hotel for undisclosed sum


The Madison hotel’s new restaurant, the Federalist, was part of the property’s recent $23 million renovation. (Katherine Frey/The Washington Post)

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.

Abha Bhattarai covers local retail, hospitality and banking for The Washington Post. She has previously written for The New York Times, The Wall Street Journal, Reuters and the St. Petersburg (Fla.) Times.
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