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Capital Business
Posted at 11:07 AM ET, 12/04/2012

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)
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.

By  |  11:07 AM ET, 12/04/2012

 
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