Geller Investment and Wanxiang America Real Estate Group, two Chicago companies, acquired the 470-room Washington Marriott Georgetown Hotel which is now completed.
"We are delighted to have acquired this centrally located Washington DC property with the considerable potential that the hotel represents," said Laurence Geller, chairman of Geller Investment Company. "We have already started plans for a full repositioning renovation and we expect that when done, visitors to the district will choose this hotel as the area's exciting new contemporary destination, consistent with our other properties. We are more than familiar with the DC market having created other top properties through previous investment platforms."
"We are pleased by the confidence in Marriott demonstrated by the new ownership group of the Washington Marriott Georgetown hotel, led by the Geller Investment Company, and look forward to a mutually beneficial relationship that will provide guest experiences reflecting the best of the Marriott Hotels brand," said Arne Sorenson, Marriott International's president and CEO.
In the last year Geller Investment and WAREG previously announced the conversion of an office building on Chicago's Magnificent Mile to a 285-room Conrad Hilton Hotel, set to open in mid-2016. More recently, the Geller and WAREG team announced they had acquired the 60-story Waldorf Astoria Chicago which is composed of 189 rooms and 52 residences.