Waterton Enters DC Hotel Market
- Oct 06, 2017
Waterton, in partnership with an affiliate of Walton Street Capital LLC, acquired the former Loews Madison hotel in downtown Washington, D.C. The property was rebranded as The Madison, a Hilton Hotel, and will be managed by Hilton Hotels & Resorts.
“We’re excited that our first hotel investment in the D.C. market is a property with such a rich history in a prime location,” said Nir Liebling, chief investment officer of hospitality at Waterton, in prepared remarks. “There’s a tremendous opportunity here to reposition a premier destination for corporate and leisure travelers alike.”
Located at 1177 15th St. NW, the 356-key hotel features amenities such as:
- 12,000 square feet of meeting space
- business center
- two lobby bars
- coffee shop
- fitness center
Historic DC property
Built in 1963, the hotel originally opened as the Madison at a ceremony attended by President John F. Kennedy and has since hosted every U.S. president. In the past 15 years, the property has undergone more than $75 million in capital improvements including guestroom, meeting space and public area overhauls. The hotel last underwent a full renovation in 2012. Waterton plans on making additional upgrades to several common-area spaces on the first floor.
“Realizing the growing demand for luxurious, homelike experiences in hotels, we are pleased to add The Madison to our portfolio of first-class properties,” Ryan Lindgren, assistant vice president of hospitality acquisitions at Waterton, told Commercial Property Executive. “We’re always looking for value-add opportunities and in this case expect to realize an immediate operational upside as a result of our capital plan and Hilton’s managing expertise.”
The hotel is within close proximity to attractions such as the White House, National Mall, Walter E. Washington Convention Center, Thomas Circle and Midtown Center, a $650 million mixed-use redevelopment project of the old Washington Post building. The property is accessible through the Red, Blue, Orange and Silver metro lines.
Image courtesy of Waterton