Chicago-based companies Geller Investment Co. and Wanxiang America Real Estate Group (WAREG) recently acquired the Washington Marriott Georgetown Hotel.
The recently completed hotel features 470 guest rooms.
"We are delighted to have acquired this centrally located Washington, D.C. property with the considerable potential that the hotel represents," Laurence Geller, chairman of Geller Investment Co., said. "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. We are more than familiar with the D.C. market having created other top properties through previous investment platforms."
Arne Sorenson, Marriott International's president and chief executive officer, said his company was pleased by the confidence in Marriott demonstrated by the new ownership group of the Washington Marriott Georgetown Hotel.
The Washington Marriott Georgetown is the third hotel purchased or launched by Geller Investment and Wanxiang America in the last year.
"This property fits well with our current acquisition strategy and WAREG's plan for expanding our hotel portfolio over the next several years," Wanxiang America Managing Director Larry Krueger said. "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."