Rosewood Hotels acquires Cappela Washington DC
Rosewood Hotels & Resorts has reached a deal to acquire and rebrand the Capella Hotel in Georgetown (Washington). Castletown Hotel Partners I has a contract in place to sell the 49-room property to international luxury chain Rosewood Hotels & Resorts.
The sale price has not been disclosed, but the Capella has been assessed at a value of around $31M, the Washington Business Journal reports. The Capella Hotel is at 1050 31st St NW, the former home of the American Trial Lawyers Association.
Back in 2010, two of the groups that make up Castleton teamed up with Capella Hotel and Resorts to convert the office building into a luxury hotel, which opened in 2013. Rosewood has had its eye on the Georgetown market for a few years, and was previously rumored to have plans to build a hotel at another site in the area. Cappela DC will be rebranded as a Rosewood property.
The deal for Capella would make it the latest hotel in the Georgetown area to hang up a under new ownership sign. Back in September, Thor Equities acquired the former Latham Hotel on M Street for $53M