(NAMC) - Dublin, Ireland based private investment firm, Claret Capital, has recently 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.
This is one of many private transactions for major hotel properties that you may see as we head into 2008 as private investment and equity firms seek out alternative investment vehicles to bring in steady returns to their investors.
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