Tuesday, November 30, 2010

ICG's Luxury Georgetown Hotel Still Alive


Expectedly there was a bit of a buzz in 2009 when ICG Properties announced its intentions of converting a 47-year old office building at 1050 31st Street NW into a "luxury" boutique hotel. But since Castleton Holdings Inc. first bought the property from the American Trial Lawyers Association in 2008 for $18.3 million, and shortly after revealed their 50/50 partnership with ICG, little progress has been reported. Prolonged inaction had some speculating that the deal to bring the U.S. only its second Cappella hotel had fallen through. But ICG Principal David Stern assures skeptics that, though behind schedule, developers are still pushing forward, and hope to wrap up and finalize financing within one or two months. "With the equity and debt aspects of deal squared away, " reports Stern, it appears a groundbreaking is not far off (relatively speaking).

Certainly good news, but stay seated, there remains much work to be done, before the physical labor can actually begin. "Once we close on financing," says Stern, "we still have to get a final project architect on record, and then go through six to nine months of planning." Current designs, provided by BBG-BBGM, are very much preliminary in nature. But the finer details will be hashed in early next year as the community relations, HPRB, and Zoning processes commence.

As currently proposed, the five-story hotel will feature 48 guestrooms and suites and an upscale restaurant and lounge overlooking the C&O Canal. Other highlights include an executive boardroom, a rooftop pool and bar, and exclusive spa. Remodeling of the exterior will be mostly cosmetic. “It won’t be a demolition," Stern reiterates, "The hotel renovation would be primarily interior renovation work.” With an expected construction time of approximately 12 months, developers hope to deliver the new hotel by the end of 2012.

Washington D.C. Real Estate Development News

2 comments:

Anonymous said...

ICG has a history that may put some people off...

http://en.wordpress.com/tag/icg-properties/

Anonymous said...

The owners of the building were at the site this week, and said that the plan is to go ahead with hotel construction soon with opening now in 2012.

 

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