Miami Beach firm sells D.C. hotel for $37 million
Miami Beach-based Mast Capital sold a Washington, D.C., hotel for $37 million and commanded one of the highest prices per key ever in the D.C. market.
The sale price equaled $649,000 per key for The Graham Hotel Georgetown, a 57-room boutique hotel.
That was more than the February sale price of $581,400 per key for a Ritz-Carlton hotel in the upscale Georgetown section of Washington.
The Graham Hotel was known as Hotel Monticello in 2011, when Mast purchased it for $16.4 million, or $431,000 per key, and proceeded to renovate and rename the property by 2013 while expanding the number of keys to 57 from 38.
The rooms and suites all have oversized bathrooms with marble accents. The renovation work also included the introduction of an on-site restaurant and a rooftop bar with scenic views of the Potamac River.
The Graham Hotel is located next to a retail district on M Street with shops operated by such retailers as Kate Spade, Lululemon and Brooks Brothers.
CBRE Hotels, a unit of CBRE Group Inc., represented Mast Capital in its sale of The Graham Hotel to Legacy Hotel Group.
CBRE Hotels’ investment sales team was led by Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C. office, and Christian Charre, Paul Weimer and Natalie Castillo of CBRE’s Miami office. Nelson Migdal of Greenberg Traurig transacted the deal.