WASHINGTON, D.C. Asset investment and management firm Jamestown has acquired The Madison, a landmark hotel in Washington, D.C. The hotel will be operated by Destination Hotels & Resorts.
The purchase also includes The Madison office building, an adjacent, 95,000-sq.-ft. facility connected to hotel corridors with underground parking. Atlanta-based Jamestown purchased both buildings from Bentall Kennedy for US$123 million and intends to return the 366-key hotel to its former position as one of the premier hotels in the U.S. capital.
Jamestown will implement a US$20 million renovation throughout the next year, reintroducing the property in spring 2012. Renovations to the guestrooms and communal spaces will be led by interior designer Dominick Coyne.
“Our vision is to restore The Madison to its rightful place among the best-in-class hotels in the nation’s capital,” says Michael Phillips, managing director for Jamestown and president of Jamestown Realty Co.
Jamestown has tapped veteran hotelier Jim Horsman to be the hotel’s managing director. Horsman has recently headed Nine Zero Hotel in Boston and Stowe Mountain Lodge in Vermont on behalf of Destination.
Built in 1963 by hotelier Marshall Coyne, The Madison hotel is a longstanding pillar of Washington, located within blocks of the White House, Embassy Row and the National Mall. The 15-story hotel has hosted prominent politicians, world leaders and dignitaries, including every U.S. president since John F. Kennedy.
“This iconic property provides a strategic opportunity for Jamestown to work with a well-positioned asset in the vibrant, urban Washington, D.C. area,” Phillips says. “By aligning with Destination Hotels & Resorts, we are primed to provide significant capital and positive momentum to The Madison. Washington, D.C., represents a dynamic, target market for Jamestown, with strong demographic and economic growth potential.”