Jamestown Acquires Washington, DC's Madison Hotel and Office Building
Leading real estate investment firm will reposition the historic property, restoring a legacy of top-quality service in partnership with Destination Hotels & Resorts
ATLANTA, GA - January 31, 2011 - Leading asset investment and management firm Jamestown announces the acquisition of The Madison hotel, a landmark property in Washington, D.C., celebrated in the 1960s and 1970s for its elegant atmosphere and esteemed clientele. The firm's purchase also includes The Madison office building, an adjacent, 95,000-square-foot office building connected to hotel corridors with underground parking, located in the central business district. Jamestown purchased both buildings from Bentall Kennedy for $123 million and intends to return The Madison hotel to its former position as one of the premier hotels in the Washington, D.C., market. In partnership with Jamestown, The Madison hotel will be operated by managing agent Destination Hotels & Resorts, a leading hospitality management company recognized for its collection of high-quality, independent properties.
Built in 1963 by the late hotelier Marshall Coyne, The Madison hotel is a longstanding pillar of Washington, D.C., offering 353 guest rooms, 13 suites and 14,000 square feet of event space within blocks of the White House, Embassy Row and the National Mall. Credited with introducing true luxury to the Washington, D.C., hospitality industry, the 15-story hotel has hosted prominent politicians, world leaders and dignitaries, including every U.S. president since John F. Kennedy. Jamestown will implement a $20 million renovation throughout the next year, reintroducing the property in spring 2012. Renovations to the guest rooms and communal spaces will be completed by interior designer Dominick Coyne (no relation to Marshall Coyne) and his team.
“Our vision is to restore The Madison to its rightful place among the best-in-class hotels in the nation's capital,” said Michael Phillips, Managing Director for Jamestown and President of Jamestown Realty Company. “In renewing the hotel's status, we have selected veteran hotelier Jim Horsman as the managing director who will host guests in the legacy of Marshall Coyne, rebuilding a reputation of tradition, hosting guests to fulfill the needs of the modern Washington, D.C., market while honoring The Madison's storied past.” Horsman is a respected hospitality veteran who joined Destination Hotels & Resorts in 2003 after working for The Ritz-Carlton Hotel Company. While with Destination Hotels & Resorts, Horsman led the team at the NINE ZERO Hotel in Boston, Mass., and then went on to open the award-winning Stowe Mountain Lodge in Stowe, Vt., for the company.
“This iconic property provides a strategic opportunity for Jamestown to work with a well-positioned asset in the vibrant, urban Washington, D.C. area,” said Phillips. “By aligning with Destination Hotels & Resorts, we are primed to provide significant capital and positive momentum to The Madison. Washington, D.C., represents a dynamic, target market for Jamestown, with strong demographic and economic growth potential.”
Jamestown
Founded in 1983 with headquarters in Atlanta, Georgia, and offices in New York, San Francisco, Washington, D.C. and Cologne, Germany, Jamestown is a leader in real estate acquisition and management. For 27 years, Jamestown has invested in strategic real estate investments. The company is focused on core plus and opportunistic private equity real estate investing in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. Acquiring more than $8 billion in these markets, Jamestown's growth has been significant. Jamestown successfully invests in multiple U.S. markets including New York City, San Francisco, Boston and Washington, D.C. For more information, visit www.jamestownproperties.com.
Destination Hotels & Resorts
Destination Hotels & Resorts is a privately held lodging management company headquartered in suburban Denver, Colo. With more than 30 independent, luxury and upscale hotels, resorts and golf clubs, Destination is the fourth largest independent hospitality management company in the country. The company's portfolio features more than 7,000 guest rooms, 10 golf courses and 14 full-service spas. Destination Hotels & Resorts properties are located in key metropolitan and resort markets including Washington, D.C., Los Angeles, Houston, Denver, San Diego, Santa Fe, Aspen, Austin, Phoenix, Palm Springs, Maui and Lake Tahoe. The company is a subsidiary of Los Angeles-based investment, development and management firm Lowe Enterprises. For more information on the properties in the Destination Hotels & Resorts collection, please visit www.destinationhotels.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
