US: Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, have acquired the One Washington Circle Hotel.
The property was purchased from George Washington University for an undisclosed price. It will undergo a $30 million renovation and re-open in June 2023 as an AKA-branded luxury hotel residence.
It currently features 152 rooms, a ground floor restaurant, fitness centre and outdoor swimming pool, a business centre and meeting room, as well as parking spaces.
Russ Urban, CEO of EAHG, said: “This was an excellent opportunity to acquire a hotel asset in need of renovation in a high barrier-to-entry market that will enjoy substantial growth as a result of multiple demand drivers, including proximity to large, prestigious academic institutions, governmental agencies and a litany of DC tourism attractions.
“This property also complements AKA’s growing presence in the Washington DC metro market, allowing AKA to capitalise on efficiencies derived from economy of scale while planting a flag in one of the city’s most exciting districts.”
Larry Korman, president of AKA, said: “Having established AKA’s presence over a decade ago in DC at AKA White House and with the newest property, Hotel AKA Alexandria, opening later this year, we are excited to continue to bring AKA – known for high-design, world class amenities and service – to new cities throughout the region.
“We’ve always had confidence in this market and acquiring One Washington Circle provides AKA with an opportunity to join the Foggy Bottom neighbourhood where history, business and international affairs meet.”
AKA has a portfolio of 14 luxury hotels and hotel residences in New York, Los Angeles, Miami, Philadelphia, Washington DC, Alexandria, West Palm Beach and London.
Electra America is a real estate private equity firm with a portfolio encompassing more than $6 billion in commercial real estate property holdings and debt in the multifamily, hospitality, and single-family rental home sectors.