Hersha Hospitality Trust, Philadelphia, has acquired from New York City-based Millennium Partners the 86-room Ritz-Carlton in Washington, D.C.’s Georgetown neighborhood for US$32.5 million, according to multiple reports.
With more than 20 hotels in its stable, this deal gives Hersha its first Ritz-Carlton and marks its fourth acquisition in the city. It also owns the Capitol Hill Hotel, St. Gregory Hotel and Hampton Inn by Hilton Washington. The Ritz-Carlton opened in 2003 and underwent a guestroom renovation in 2014.
The deal did not include the 28-unit Residences at The Ritz-Carlton Georgetown nor the rest of the US$175 million, mixed-use complex carved out of a 70-year-old brick featuring a 130-foot smokestack.