George Washington University Sells One Washington Circle Hotel
Electra America Hospitality Group, a JV between Electra America and AKA, has acquired the 152-room One Washington Circle Hotel from George Washington University. The Washington, DC property will undergo a $30 million renovation and re-open in June 2023 as an AKA-branded hotel.
The nine-story property in DC’s West End neighborhood was built in 1964 and last renovated in 2003.
“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 tourism attractions,” said Russ Urban, CEO of EAHG.
This marks EAHG’s fifth acquisition since the JV launched in early 2021 with the intent to acquire and reimagine hotels in major gateway cities. It has acquired hotels in Manhattan, Old Town Alexandria, Miami and West Palm Beach.
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.