Hotel Online  Special Report

 Monument Realty Acquires The Watergate Hotel in
Washington, D.C.; The  251-room Hotel will Close,
Become Apartment Building


WASHINGTON, Aug. 20, 2004 - Monument Realty closed today on its latest acquisition, The Watergate Hotel, located at 2650 Virginia Ave., NW in Washington, D.C.  Soon to be named Belles Rives (beautiful shores) at The Watergate, this 251-room hotel will be transformed into 133 world-class residences by 2006.  They will range in price from $700,000 for a one-bedroom to more than $3 million for a three-bedroom penthouse.  All units will have views of the Potomac River.  Sales will begin this Fall.

"This property is a developer's dream," says Michael J. Darby, co-founder and principal at Monument.  "Steeped in history and situated along the Potomac River, Belles Rives at The Watergate will bring a new level of luxury and sophistication to D.C., attracting more people to enjoy the benefits of urban living."

Even though the hotel is closing, residents of Watergate and the area can expect many of the amenities to still be available, including an upgraded, state-of-the-art health club and new restaurant.  In addition, Belles Rives residents will have community rooms, a roof terrace and ample parking.  Individual unit amenities will include top-of-the-line finishes, granite counter tops and Sub-Zero, Miele, Viking, and Bosch appliances.

Monument Realty purchased the property from a partnership controlled by Blackstone Real Estate Advisors, LP, a New York-based investment group.

Monument worked with a number of consultants on this complex acquisition:
Ackman-Ziff Real Estate Group LLC and Meridian Capital Group, LLC arranged the financing for the acquisition and construction loan from PB Capital Corporation; Holland & Knight and Windels Marx Lane & Mittendorf, LLP acted as legal counsel; Eastdil represented the Sellers; Hickok Warner Cole Architects and Girard Engineering provided design services; Wells & Associates and Basile Baumann Prost & Associates, Inc. served as zoning consultants.

In addition to the hotel, the Watergate complex includes three luxury apartment buildings with more than 600 apartments, penthouses, as well as two office buildings.  The complex's shopping mall includes shops such as Saks Jandel, Valentino, Yves Saint-Laurent, and a grocery store.  It was designed in the 1960s by Italian architect Luigi Moretti and is located next to the Kennedy Center.

Monument added multi-family residential properties to their commercial portfolio in 2002 and now is developing some of the most exclusive buildings in the metropolitan area.  Monument offers condominiums in locations throughout Arlington, Alexandria and Washington.

"Our road here was a challenging one," says Jeff Neal, co-founder and principal at Monument.  "By working closely with the neighbors and D.C.'s Office of Planning, we are now able to bring this stellar project to the public by making this landmark property into a world-class residence that is among the best in the city."

From now until the closing of the hotel, Monument is discounting the public reception areas to select charitable organizations.  Monument will be hosting several other pre-closing events, including inviting Belles Rives unit purchasers to enjoy the last night of the hotel in the rooms that are where their respective units will be located.

About Monument Realty
Monument Realty is a full service real estate company focused on the acquisition and development of commercial, residential and hotel properties in the Washington, DC metropolitan area.  Its bold approach results in the successful development of premier projects for investment partners, clients and tenants.  Since its founding in 1998, Monument Realty has been one of the region's most active developers with a portfolio of over 5.2 million square feet of Class A office and retail space, 2,400 residential units and a 353-room hotel. 


Monument Realty
Also See: Swissotel Growth Strategy Takes Major Step with Management of Watergate Hotel in Washington / June 1998

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