WASHINGTON, D.C. Private equity firm Westbrook Partners has purchased the 182-key St. Regis Washington, D.C., for about US$100 million in cash.
The acquisition values the property at about US$550,000 per key. New York City-based Westbrook bought a defaulted loan on the hotel from Barclays Capital last week and immediately foreclosed on the property, which has undergone two major renovations since 1987.
Ireland-based Claret Capital acquired the hotel in 2007 for US$170 million but defaulted on the debt last year.
This is Westbrook’s second hotel acquisition in the U.S. capital, joining the 182-key Fairfax at Embassy Row, which acquired at a foreclosure auction last month. And back in March, Westbrook took control of the 667-key Westin San Francisco by buying US$172 million of that hotel’s debt.