US: Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA has acquired a hotel in Washington DC’s vibrant West End neighbourhood.
One Washington Circle Hotel was acquired for an undisclosed price from the seller, George Washington University.
Built in 1964 and last renovated in 2003, the 152 key hotel at 1 Washington Circle will undergo a US$30 million renovation and reopen next year as an AKA branded property.
The current hotel has a ground floor restaurant and 306 sqm meeting room; fitness centre, business centre and small outdoor pool. There are also approximately 45 parking spaces.
The property is a short walk to George Washington University, the Foggy Bottom Metro Station, and Dupont Circle, and is in close proximity to Georgetown, the White House, and the US Capitol Building.
Russ Urban, CEO of EAHG said: “This was an excellent opportunity to acquire a hotel asset in need of renovation in a high barrier-to-entry market that will enjoy substantial growth as a result of multiple demand drivers, including proximity to large, prestigious academic institutions, governmental agencies and a litany of DC tourism attractions. This property also complements AKA’s growing presence in the Washington DC metro market, allowing AKA to capitalise on efficiencies derived from economy of scale while planting a flag in one of the city’s most exciting districts.”
Larry Korman, president of AKA added: “Having established AKA’s presence over a decade ago in DC at AKA White House and with the newest property, Hotel AKA Alexandria, opening later this year, we are excited to continue to bring AKA – known for high-design, world class amenities and service – to new cities throughout the region. We’ve always had confidence in this market and acquiring One Washington Circle provides AKA with an opportunity to join the Foggy Bottom neighbourhood where history, business and international affairs meet.”
The acquisition marks EAHG’s fifth since the joint venture launched in early 2021 with the intent to acquire and reimagine hotels in major gateway cities. Since then, it has acquired hotels in Manhattan and Old Town Alexandria, Virginia, and recently entered Florida with the acquisition of an iconic 201-room property in Miami, now Hotel AKA Brickell, and the purchase of a property for the 217-key AKA West Palm.
AKA, which has a portfolio of luxury hotels and hotel residences, specialises in accommodations designed for short and long-stay guests. AKA currently operates 14 properties in New York City, Los Angeles, Miami, Philadelphia, Washington DC Alexandria, West Palm Beach and London.
