|
Last Updated: Dec 19th, 2007 - 13:17:15 |
Dublin investment firm Claret Capital buys Washington D.C. St. Regis Hotel for $170m on behalf of "ultra high net worth individuals and families"
By Finfacts Team
Sep 19, 2007, 08:56
|
Email this article
Printer friendly page
|
Claret Capital, the
private investment firm based in Dublin, Ireland, today announced that it has
executed a purchase and sale agreement for the acquisition of a 90% interest in
the 5 star St. Regis Hotel in Washington D.C. The St. Regis was acquired in
an off-market transaction from a joint venture between Brickman, a New York
based real estate private equity firm, and New Valley LLC.
The sale price was not disclosed but is believed to be about $170 million
(121 million).
The hotel was sold in
August 2005 by Starwood Hotels & Resorts for $47 million to a joint venture
between Brickman and New Valley Corporation, both US-based specialist real
estate investors.
About $80 million has
been invested in a refurbishment programme at the hotel, which has been closed
for business since late 2005.
The St. Regis
will re-open for business in the fourth quarter of 2007.
The St. Regis
hotel is operated by Starwood Hotels & Resorts through its St. Regis brand.
Starwood is one of the worlds leading hotel and leisure
companies with approximately 870 properties under management in more than 100
countries.
The St. Regis
Hotel, Washington, D.C. is located two blocks from The White House and was
originally opened in 1926 by then US President, Calvin Coolidge. The hotel is
built in the style of an Italian Renaissance Palace and is recognised as the
most prestigious hotel in the US capital. The property is ideally situated for
corporate, leisure and government travellers in one of the worlds leading business and tourist destinations. Following the
extensive investment and refurbishment programme, the super-luxury hotel will
house 183 rooms, 33 of which are suites, and 9,675 square feet of meeting
facilities. The refurbished St. Regis will also feature a Remθde Spa, a brand which is exclusive to St. Regis Hotels &
Resorts.
In addition, the
St. Regis will offer world-class restaurant and bar facilities consistent with
the hotels super-luxury offering. The restaurant and
bar will be run and managed by a world renowned 3 Michelin star chef.
Dσmhnal Slattery, Managing Partner,
Claret Capital, commented, We are
delighted to announce the successful completion of this transaction. 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.
He
concluded, This transaction provides Claret Capital
with geographic diversity and exposure to, what we consider to be, a highly
attractive asset class. It is an opportune time to invest in the US market where
we see significant value.
Claret Capital,
founded by Dσmhnal Slattery in 2005, is a private
investment firm based in Dublin. It manages the assets of a small number of "ultra high net worth individuals and
families" and has a global investment mandate. The firm has
completed investments in the Private Equity, Real Estate, Media and Technology
sectors. Claret Capital has also founded a number of new ventures including
JetBird, Europe's first low-cost, on-demand private jet airline. JetBird has
ordered 100 aircraft from Embraer and is the launch customer in Europe for the
Phenom 100 very light jet. Claret Capital has also founded Blue Ocean Wireless,
a company focused on expanding communication capability in the merchant maritime
sector. Blue Ocean Wireless provides, for the first time, GSM connectivity for
seafarers in deep ocean water, where no other network exists.
© Copyright 2007 by Finfacts.com
Top of Page
|
