Construction News

19/09/2007

Claret Capital Buy Washington Hotel

A Dublin-based private investment firm has announced it has acquired a 90 per cent stake in the Five Star St Regis Hotel in Washington DC.

Although the sale price has not been disclosed, it is thought to be around $170 million.

The company acquired St Regis in an off-market transaction from a joint venture between New York real estate firm Brickman and New Valley LLC.

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Claret Capital has revealed the acquisition follows a $80 million, two-year investment and refurbishment programme, which is nearing completion.

Starwood Hotels and Resorts operate the St Regis Hotel, which is one of the leading hotel and leisure companies with approximately 870 properties under management across over 100 countries worldwide.

(JM)

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