ICG-Castleton Venture / Point Ford Management JV to Secure Funding for Capella Georgetown
WASHINGTON, DC - September 30, 2011 Castleton Hotel Partners (CHP), a newly formed joint venture between Point Ford Management Limited (PFML), Castleton Holdings and ICG Properties, has secured all funding, including construction financing from PNC Bank, required for the redevelopment of 1050 31st Street, NW into an ultra-luxury Capella Hotels and Resorts-managed hotel. Soon to begin construction, Capella Georgetown is slated to debut December 2012. This elegant and exclusive property will cater to a sophisticated and discerning clientele including global industry leaders, heads of state and other visitors.
Capella Georgetown shall feature 49 magnificently appointed rooms and suites in a highly private and secure environment, and will provide unmatched levels of customer service and room finishes.
The hotel interiors are being designed by renowned interiors architect Peter Silling & Associates and will include an intimate signature restaurant & bar with outdoor seating along the historic C&O Canal, a modern and elegant private rooftop lounge, a rooftop indoor-outdoor pool overlooking the Potomac River and several Washington landmarks, a guest-only spa and fitness center, the pre-arrival services of personal assistants, luxury car service, 24-hour room service and a unique wine cellar for private dining.
Ricky Budhrani, head of PFML, a Southeast Asian investment firm, stated: “We certainly are excited to participate in this development, a clear niche that demands to be fulfilled in Georgetown. For Point Ford, this project fits with our objective of developing and acquiring strategic assets in Asia and the United States.”
Castleton Holdings, led by Bruce Bradley, has been appointed to head development of the project on behalf of the joint venture. “On behalf of the ICG-Castleton sponsorship group, we welcome Point Ford's investment and active participation in our project. We are very delighted with the potential of this new strategic partnership. We are now fully financed and confident that this redevelopment will make a significant contribution to the Georgetown - and Washington, DC - luxury hotel landscape.”
For further information, please contact Castleton Holdings LLC at (202) 333-7300.
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