Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a hotel in Washington, D.C.’s vibrant West End neighborhood, blocks from George Washington University, George Washington University Hospital, the World Bank, International Monetary Fund and other major institutions.
The 152-room One Washington Circle Hotel was acquired for an undisclosed price from the seller, George Washington University. It will undergo a $30 million renovation and reopen in June 2023 as an AKA-branded luxury hotel residence, specializing in weekly and monthly stays.
“This was an excellent opportunity to acquire a hotel asset in need of renovation in a high-barrier-to-entry market that will enjoy substantial growth as a result of multiple demand drivers, including proximity to large, prestigious academic institutions, governmental agencies and a litany of D.C. tourism attractions,” said Russ Urban, CEO of EAHG. “This property also complem
