The boutique Graham Hotel Georgetown in Washington, D.C., was sold to the Legacy Hotel Group at a price-per-key higher than that of the Ritz-Carlton Georgetown and the city's St. Regis Hotel.
The Graham Hotel's sales price clocked in at $37 million, and with just 57 rooms means that each room went for $649,122. This is higher than the Ritz-Carlton ($377,907 per key) and the St. Regis Hotel in D.C. ($451,235), but while these rooms were pricy they aren't the most expensive in the city. That honor goes to the Capella Washington D.C. (now known as the Rosewood) which was sold for $1.3 million per key.
Still, the Graham pulled in a high price for a small boutique. If anything, the sale proves that hotel acquisition prices in Georgetown are only going up. Mast Capital of Miami acquired the Graham for $16.4 million in 2011 when the property was called the Hotel Monticello, and promptly renovated it by adding 19 rooms and bringing its total to 57. The update also added a restaurant (the Alex) and a rooftop bar (Observatory), and Mast Capital claims the hotel's profitability "quadrupled" since its investment.
CBRE Hotels’ Andy Wimsatt and Ian Banger in D.C. and Christian Charre, Paul Weimer and Natalie Castillo in Miami represented the seller, while Nelson Migdal of Greenberg Traurig represented the buyer.