Washington, D.C. boutique hotel, The Graham Georgetown, located at 1075 Thomas Jefferson Street NW, recently sold for $37 million to Legacy Hotel Group LLC. According to Washington Business Journal, the seller was Miami-based Mast Capital, who purchased the hotel in 2011 for $16.4 million. At the time, the hotel was known as Hotel Monticello.
Breaking it down, the 57-room property sold for $649,122 per key, surpassing the sale of the Ritz-Carlton Georgetown, which sold for $581,395 per key in February 2016, and the St. Regis Hotel, which sold for $451,235 per key in March 2016. When it was sold, The Capella still surpassed the Graham Georgetown, with $1.3 million per key.
According to a press release, the value of the Graham Georgetown quadrupled after a multi-million dollar renovation in 2013. After Mast Capital bought the hotel, they expanded the hotel from 38 rooms to 57 and also added a restaurant, called The Alex, and a rooftop bar, called the Observatory.