National Commercial Real Estate News From CoStar Group
Jamestown To Trade The Madison in DC to Loews Hotels
Jamestown Properties agreed to sell its 356-room Madison Hotel in Washington, DC, to Loews Hotels & Resorts, a New York-based owner and operator wholly owned by Loews Corp. (NYSE:L). The transaction will close next month.
While the sale price was undisclosed, Jamestown picked up the hotel and an adjacent office building from MEPT/New Tower Trust Co. in January 2011 for more than $120 million. See CoStar COMPS #2040390 for more information.