Loews Hotels & Resorts is buying the Madison Hotel in Washington, D.C. from Jamestown Properties, for an undisclosed amount, with the transaction expected to close in January 2013.
The Madison Hotel is located 4.5 miles from the Ronald Reagan Washington National Airport, and near to The White House, the US Capitol, Embassy Row, the National Mall and Smithsonian Museums.
The property underwent a $23m renovation in 2012.
The hotel has 356 boutique guestrooms, nine suites and 12 ADA guestrooms; dining facilities include the European restaurant PostScript, The Lobby bar, and the Mid-Atlantic cuisine restaurant The Federalist.
Loews Hotels & Resorts president and CEO Paul Whetsell said, "We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market."
The Madison is the second major acquisition of Loews in 2012, after the Renaissance Hotel & Spa in Hollywood, California, was taken over in June.
The hotel was acquired from the CIM Group and renamed as Loews Hollywood Hotel.
To be managed by Loews itself, the hotel is currently undergoing a $26m renovation, which is expected to be completed in 2013.
Loews Hotels is expected to acquire a few more properties in the coming months as part of its plan to expand its portfolio; it currently owns 18 properties in the US and Canada.
During the acquisition of the Renaissance Hotel & Spa in Hollywood, Whetsell said that the group plans to double its portfolio to over 30 hotels in three to five years, with a focus on North American cities such as Boston, Chicago, San Francisco, Washington D.C., New York, Dallas, Toronto and Seattle.
