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Dupont Circle Washington Hilton Is Gearing Up for a Sale

Home of an assassination attempt on former President Reagan, concerts by the Doors and Jimi Hendrix, and an introduction of the ARPANET technology, the whole-lot-of-firsts Hinckley Hotel has been rumored to have traded hands with a win-win: a profit for the seller and a deal for the buyer.

A piece of political history is trading hands. The Hinckley Hilton, otherwise known as the Washington Hilton, is reported to be sold. Originally built in 1965 and designed by architect William B. Tabler in a double-arched design, it had housed the largest pillar-less hotel ballroom in the city. The storied hotel has held concerts by iconic musicians like Jimi Hendrix and The Doors. In 1972, it hosted the first International Conference on Computer Communications, where new ARPANET technology was introduced. It also was the site of Ronald Reagan's assassination attempt by John Hinckley Jr. in 1981.

According to sources at GlobeSt., Oaktree Capital and Clearview Hotel Capital are entering into a joint venture to acquire the Dupont Circle Washington Hilton for $315 million. It last traded at $290 million in 2007.

With 1,119 rooms, the price breaks down to $281,501 per key. Current owners, Lowe Enterprise Investors and former NBA player Magic Johnson’s Canyon-Johnson Urban Fund LLC, are reported to include just the hotel in the deal, and not The Hepburn luxury apartment tower.

The WBJ reports that the cost to build a similar property, using the Marriott Marquis DC as a comp, would be $442,000 per key--proving the Washington Hilton to be a very good value to buy.