Washington DC + DC + Hospitality | May 3, 2022

PCCP, LLC, has provided 70.8 million to Crescent Real Estate, LLC, for the acquisition of The Madison Hotel in Washington, DC.

Crescent Acquires The Madison Hotel in DC with $71M from PCCP

PCCP, LLC, has provided a $70.8 million senior loan to Crescent Real Estate, LLC, for the acquisition, renovation, and re-branding of The Madison Hotel in Washington, DC. The financing was arranged by Eastdil Secured.

The 356-key, full-service hotel is on 15th Street NW, two blocks from the K Street office corridor, which drives demand for business travel as guests can walk to 45 million square feet of office space within 10 minutes. Tenants in the area include EY, NBC Comcast, Bain, Oracle and Facebook.

The 15-story hotel was constructed in 1963 and features 15,300 square feet of meeting and event space, a lobby restaurant, grab and go dining, fitness center and executive lounge. The property offers valet parking in its 269-space subterranean garage, which can be accessed on the same block as its main entrance.

Crescent Real Estate has converted the hotel into the Marriott Program and plans to complete a multi-million property improvement plan.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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