Claret Capital buys Washington DC hotel for $170m

Claret Capital, the Irish private investment firm, is buying a 90% interest in a Washington DC hotel, the 5 star St Regis, for a price believed to be around $170m (£82m).  The St Regis was acquired in an off-market transaction from a US joint venture between New Valley LLC and Brickman, a New York based real estate private equity firm which is retaining a 10% interest in the hotel. The joint venture partners paid around $47m (£23.4m) for the St Regis in 2005 and have since invested $80m (£39m) on a refurbishment programme which will see it re-open for business before the end of this year. The hotel has 183 rooms and 9,675 sq ft of meeting facilities as well as restaurants, a bar and a spa operated by Starwood Hotels & Resorts through its St Regis brand. It is located in Washington’s central business district and two blocks from The White House. Dómhnal Slattery, managing partner, Claret Capital commented: “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.” bucko@indigo.ie