Chicago-area private investors Geller Investment Co. (L-2) and Wanxiang America Real Estate Group (WAREG) have acquired the 470-room Washington Marriott Georgetown Hotel. The property will continue to fly the Marriott flag.
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,” said Geller Investment Co. Chairman Laurence Geller. “We are more than familiar with the DC market having created other top properties through previous investment platforms.”
The Washington Marriott Georgetown is the third hotel acquired or launched by Geller Investment and WAREG in the last year. They 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.
“This property fits well with our current acquisition strategy and WAREG’s plan for expanding our hotel portfolio over the next several years,” stated Larry Krueger, managing director, Wanxiang America Real Estate Group. “We expect the Geller team to efficiently reposition this hotel within the Washington D.C. hotel market over the next couple of years, and while doing so, create significant value for our joint investment and for the Marriott brand.”