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ICG-Castleton Holdings Teams with Capella Hotels to Redevelop a
 Five Story Commercial Building in Washington, D.C.

Construction Expected to Start in 2011 on the 48 room Capella Georgetown

WASHINGTON, DC--(Marketwire - March 19, 2010) - Washington, D.C.'s top-tier hotel landscape is set to be transformed as ICG Properties and Castleton Holdings join Horst Schulze of Capella Hotels and Resorts to announce Capella Georgetown. Slated to open in January 2012, this elegant and exclusive hotel will cater to a highly sophisticated and discerning clientele including global leaders of industry, heads of state and other elite visitors whose travel diaries include visits to the nation's capital.

Capella Georgetown will feature 48 magnificently appointed guest rooms and suites in a private and secure environment which will include a premium restaurant and lounge, an executive boardroom for guest use, and, on the rooftop, a pool, bar, and full-service spa. Occupying a prime location in the heart of Washington, D.C.'s exclusive Georgetown district, the hotel will offer dramatic views of such icons as the Watergate complex, Kennedy Center, and Potomac River. It will be created through the redevelopment of an existing five-story, free-standing commercial building on 31st Street bordering the historic C&O Canal, just one block from the upscale shops and restaurants of Wisconsin Avenue and M Streets. Construction is expected to begin in January 2011.

Capella Hotels and Resorts Chairman and CEO Horst Schulze has set benchmarks in the industry throughout his career history. During his 19-year career with The Ritz-Carlton Hotel Company, he successfully led the brand to being awarded the Malcolm Baldrige National Quality Award in 1992 and 1999. After leaving The Ritz-Carlton Hotel Company, he created the Capella brand on his conviction that as existing five-star brands have sought to broaden their audiences, they have left open an unfulfilled niche at the upper reaches of luxury travel. This new brand's uncompromising emphasis on personal service raises the bar once again, setting an entirely new standard in hospitality.

"Capella Hotels and Resorts established its urban model two years ago with the successful re-launch of the legendary Breidenbacher Hof in Düsseldorf, Germany. We are pleased to have the opportunity to introduce Capella to this important U.S. market," said Stylianos Christofides, a principal of ICG Properties.

"Washington, D.C. is among the most desirable and resilient markets in the hospitality industry, yet it is currently underserved at its uppermost reaches," added Bruce Bradley, president of Castleton Holdings, LLC. "We are confident that Capella Hotels and Resorts is the only brand with the right credentials to fill this niche."

Said Schulze: "With their vast experience and intrinsic knowledge of the Washington, D.C. market, ICG Properties and Castleton Holdings forms the ideal team to develop Capella Georgetown. It is an honor to work with them to bring the Capella brand to the nation's capital as the District experiences a heightened profile among the most vital and appealing destinations for business and leisure."

For more information on Capella Georgetown, contact ICG Properties, 1600 K Street, NW, Suite 650, Washington, D.C. 20006; (202) 783-4700 or

Capella Hotels and Resorts serves today's top-tier travelers and residential property owners and is setting a new standard in the hospitality industry. Capella promises the unique benefits of the finest boutique hotels, including superb architecture and interior design, privacy, individualized service and attention to detail -- combined with the amenities and activities of the world's great luxury hotels and resorts. Capella, led by founder Horst Schulze, is a brand focused on customer choice, and offers choices that no other hotel company in the world can match. Capella is opening world-class properties in gateway cities and high-profile resort destinations around the world, including: Breidenbacher Hof, a Capella Hotel (Düsseldorf, Germany); Capella Bahia Maroma (Riviera Maya, Mexico); Capella Bangkok (Bangkok, Thailand); Capella Dunboy Castle (Castletownbere, Ireland); Capella Ixtapa (Ixtapa, Mexico); Capella Niseko (Niseko, Japan); Capella Pedregal (Cabo San Lucas, Mexico); Capella Singapore (Sentosa Island, Singapore); Capella Telluride (Telluride, Colorado); and Schloss Velden, a Capella Hotel (Velden, Austria). Learn more at

ICG Properties, Developer and Co-Owner of Capella Georgetown, was founded in Washington, D.C. in 1995 and is guided by principals Darik I. Elwan, David C. Stern and Stylianos C. Christofides. ICG Properties currently owns 500,000 square feet of stabilized commercial assets in the Washington region, with an additional 400,000 square feet of development projects currently underway. The firm is also active in the hotel and residential sector internationally through its overseas affiliate, Elwan Group. Current hospitality projects include the Votanas Bay luxury residential villas in Corfu, Greece, as well as the 287-key, five-star Radisson Al Aqah Resort on the Indian Ocean in the Emirate of Fujairah near Dubai. Learn more at

Castleton Holdings, Co-Owner of Capella Georgetown, is a privately held real estate investment company that acquires and develops investment grade real estate. Castleton focuses primarily on off-market repositioning opportunities in the metropolitan Washington, D.C. market, although its holdings span five states. Castleton was founded by Bruce F. Bradley in 1993, and has since consummated 21 transactions in various asset types, representing more than 1.2 million square feet.


Mary Gendron / Kathleen Cullinane
Middleton & Gendron, Inc.
(212) 980-9065 / (212) 980-9194


Also See: Robert Lagerwey Appointed General Manager of Capella Singapore / February 2010

Romana Heeg Appointed General Manager of the 59 suite Capella Ixtapa in Mexico / September 2008

Millenia Hotel Private Limited Appoints Capella Hotels & Resorts, to Jointly Create and Operate the Capella Singapore; the Project, on the Island of Sentosa, Expected to Cost $250 million / August 2006


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