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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 world’s 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 world’s 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 Remède 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 hotel’s super-luxury offering. The restaurant and bar will be run and managed by a world renowned 3 Michelin star chef. Dómhnal 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 Dómhnal 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 |
