A real estate company that has been slowly growing its footprint in Greater Washington has made another buy: the Kimpton Carlyle Hotel in Dupont Circle.
Global Holdings bought the hotel from D.C.’s Foxhall Partners and Iron Point Partners. Deed records show that Global Holdings paid $59 million for the hotel, though the actual sale price was likely higher. Hotel property sales are often recorded at a lower than actual sale price to reflect intangibles such as the property’s internal assets and reputation.
Foxhall and Iron Point bought the property at 1731 New Hampshire Ave. NW in 2012 in a sale recorded at $53 million.
Global Holdings and its hotel affiliate, Lore Group, are in the process of renovating the former Courtyard by Marriott in Penn Quarter, bought by Global in March 2017, to transform it into Riggs D.C., a new independent, boutique hotel. This past June, it also closed on the acquisition of Washington Harbour on the Georgetown waterfront.
The Carlyle will retain its…Read the full story from the Washington Business Journal.