Thu, 27/09/2007 - 08:14
Claret Capital, a private investment firm based in Dublin, has agreed to acquire a 90 per cent stake in Washington DC's luxury St Regis Hotel from a joint venture between New York-based real estate private equity firm Brickman and Miami-based New Valley.
Claret Capital was advised on the acquisition, which was carried out in an off-market transaction by hotel investment services firm Jones Lang LaSalle Hotels.
The acquisition follows a USD80m two-year investment and refurbishment programme that is nearing completion. Following the extensive refurbishment, the hotel will include 183 rooms including 33 suites, and 9,675 square feet of meeting rooms.
The St. Regis, which will reopen for business in the fourth quarter, is operated by Starwood Hotels & Resorts, a hotel and leisure company with some 870 properties under management in more than 100 countries under brands such as Sheraton.
The St. Regis is a premier hotel located in Washington's central business district, just two blocks from the White House. Originally opened in 1926 by then US President Calvin Coolidge, the hotel is built in the style of an Italian renaissance palace.
'We are pleased to have been the adviser to Claret Capital on the acquisition of the St. Regis,' says Amelia Lim, senior vice-president of Jones Lang LaSalle Hotels. 'It will be the pre-eminent super-luxury hotel in Washington combining a unique location with best-in-class facilities.'
Claret Capital, founded by Dómhnal Slattery in 2005, is a private investment firm that manages the assets of a small number of ultra high net worth individuals and families. The firm has completed investments globally in the private equity, real estate, media and technology sectors.
Claret Capital has also founded a number of new ventures including JetBird, a low-cost, on-demand private jet airline that has ordered 100 aircraft from Embraer and is the launch customer in Europe for the Phenom 100 very light jet. The firm also founded Blue Ocean Wireless, which provides, GSM connectivity for seagoers in deep ocean water where no other network exists.
Since 1992, Brickman has invested a total of more than USD2.5bn in more than 54 real estate transactions throughout the US. The firm owns and operates all property types, applies opportunistic and core investment strategies, and invests across the entire capital structure of real estate assets. New Valley is a wholly-owned real estate subsidiary of Miami's Vector Group.
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