Claret Capital has acquired a 90 percent interest in the St. Regis Hotel in Washington, DC. The property was acquired from New York-based private equity real estate firm Brickman and Miami-based real estate company New Valley. Details of the transaction were not disclosed.
“We are delighted to announce the successful completion of this transaction,” Dómhnal Slattery, managing partner at Claret Capital, said in a statement. “We are acquiring a prime asset in one of the leading hotel markets in North America. This is a unique investment opportunity—assets of this quality and reputation have a scarcity value as they rarely come to market.”
The St. Regis Hotel is located in Washington’s central business district. Following an $80 million (€56.8 million), two year renovation program which is close to completion, the property will feature 183 rooms and 9,675 square feet of meeting space. The hotel also sports a spa and high-end restaurants and bars.
The hotel is scheduled to re-open in the fourth quarter of 2007.
Founded in 2005 by Slattery, Claret has invested in the private equity, real estate, media and technology sectors.