Foxhall Partners Sells Dupont Circle Hotel
Foxhall Partners has cashed out of a Dupont Circle hotel it acquired in 2012.
The D.C.-based real estate firm sold the Kimpton Carlyle Dupont Circle Hotel for $59.4M to Delaware-based 1731 NH Avenue Owner LLC, information posted Monday to the D.C. Recorder of Deeds shows.
The 198-room hotel at 1731 New Hampshire Ave. NW sits about four blocks north of Dupont Circle and features restaurant The Riggsby from chef Michael Schlow. Foxhall acquired it in 2012 for $53M, according to property records.
Foxhall Partners Managing Partner Matt Wexler declined to comment on the sale. The final sale price for hotels in D.C. is often higher than the number recorded on deed transfers, so it remains unclear what Foxhall's total return on investment was. For example, the 14th Street Hilton Garden Inn, which sold for $128M earlier this month, was recorded with the city as selling for $97M.
The hotel was previously branded as Carlyle Suites and managed by San Francisco-based Joie de Vivre, until Kimpton signed on as the flag in 2015. That deal, which coincided with Kimpton signing on at Foxhall's Glover Park hotel, came with a major renovation of the Dupont Circle property. The renovation added 27 new rooms, the restaurant, a fitness center and 3K SF of meeting and event space.
Foxhall also owns the Kimpton Glover Park hotel, the LINE D.C. Hotel in Adams Morgan and several residential and retail properties.
The deal comes two months after another Dupont Circle hotel, the Courtyard by Marriott, sold to a European hospitality chain, which plans to rebrand it as Generator, its hotel-hostel hybrid concept.
