Claret Capital Acquires St. Regis, Washington DC
DUBLIN, Ireland / WASHINGTON, DC, September 19, 2007. 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 renowned 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 acquisition is subject to customary closing conditions. Claret Capital was advised on the acquisition by Jones Lang LaSalle Hotels, the world's leading hotel investment services firm.
The acquisition follows a USD 80 million, two year investment and refurbishment programme which is nearing completion. 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.
Amelia Lim, Senior Vice President, Jones Lang LaSalle Hotels, commented, "We are pleased to have been the advisor to Claret Capital on the acquisition of the St. Regis Washington. It will be the pre-eminent super-luxury hotel in the nation's capital combining a unique location with best-in-class facilities under a world famous brand."
She added, "On opening, it is anticipated that the St. Regis Washington will be the city's flagship 'grande dame' hotel, equal in status to the renowned St. Regis Hotel in New York."
D'omhnal 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."
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