Westbrook to Buy DC Property
WASHINGTON, DC, April 03, 2006. Westbrook Partners will reportedly buy the historic Hotel Washington here for $120 million, or nearly $350,000 per room, from Gal-Tex, a company owned by the Moody family of Texas. The deal is expected to close by the end of April, according to a report in the Washington Business Journal.
Galveston-based Gal-Tex, which runs the independent management company 1859 Historic Hotels, has owned the 344-room hotel since the 1940s.
Westbrook Partners, a real estate investment fund based in New York, is still working to bring a flag and management company to the hotel. It might try to upgrade the hotel to a four- or five-star property, hotel industry sources say.
The Hotel Washington is a D.C. institution. Its rooftop terrace offers a legendary view of the White House.
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