News for the Hospitality Executive
Starwood Capital Group and Perseus Realty, L.L.C.
Developing 180 key 1 Hotel, Washington, D.C.
WASHINGTON, Oct. 1, 2007 - Starwood Capital Group and Perseus Realty, L.L.C. (Perseus Realty) announced today they have signed an agreement to build the Washington, D.C. region’s first eco-friendly luxury hotel at 22nd and M Streets, N.W. in the heart of the city’s West End neighborhood. The hotel will be one of the world’s first 1 Hotels, Starwood Capital’s recently launched five-star, eco-friendly international hotel brand that will combine the best of environmentally sustainable architecture and design properties with impeccable service and luxurious comfort.
The 180-key hotel, which will be developed by Starwood Development and Perseus Realty, is expected to break ground in mid-2008 and deliver in 2010. Consistent with other 1 Hotels, the Washington, D.C. property will be LEED- certified and the National Resources Defense Council (NRDC) will serve as an advisor to the project. Additionally, the property will donate one percent of its profits to local environmental organizations guided by a steering committee with NRDC representation.
“We are extremely pleased to be partnering with Perseus Realty to bring our groundbreaking hotel concept to the nation’s capital,” said Barry Sternlicht, Starwood Capital’s Chairman and Chief Executive Officer. “Washington is home to some of the world’s most important environmental organizations, so it means a great deal to me personally to be able to demonstrate that we can combine a truly world-class, five-star living experience with environmentally responsible building and design under their watchful eyes.”
“Perseus Realty is thrilled to bring Washington its first ‘green’ hotel,” said John Wood Bolton, Jr., Executive Vice President of Perseus Realty, based in Washington, D.C. “For the vast majority of hotels, eco-friendliness means washing guests’ towels less often. The 1 Hotel, Washington, D.C. will demonstrate that luxury, comfort and impeccable service can co-exist with environmental sustainability.”
About Starwood Capital Group Global, LLC
Starwood Capital Group Global, LLC is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates “Starwood”). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment funds that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood’s clients include public and private retirement programs, university endowments, foundations, and international and high net worth investors. During the past sixteen years, on behalf of its funds, Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value.
Starwood, on behalf of its affiliated funds, has led the formation and/or growth of several market leading companies including Groupe Taittinger and Societe du Louvre, Europe’s second largest hotel network; iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; Equity Residential Properties Trust, one of the premier US multifamily REITs; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., which, together with its private sister company, owned, leased or managed 255 golf courses.
About Perseus Realty
Perseus Realty, LLC is a private real estate firm specializing in commercial property investments and development of office and residential properties. Perseus Realty, formed in early 2004, is an affiliate of Perseus, LLC, a private equity firm based in Washington, D.C. Perseus Realty has intentionally focused its development efforts on select regional markets where it possesses in-depth knowledge of market conditions and is able to maintain a close management and control of its investments. The company’s current portfolio of office and residential developments encompasses projects in the District, Northern Virginia and Maryland.
Perseus Realty was recently selected by the YMCA of Metropolitan Washington to redevelop the historic Anthony Bowen YMCA in the heart of Washington’s U Street Corridor. Perseus will provide the YMCA with an all-new, mission-driven $15 million 45,000 square foot facility and construct approximately 230 rental apartments on the site. Eight percent of the apartments will be made available to qualified tenants as part of the District’s new inclusionary zoning regulation aimed at increasing the City’s affordable housing stock.
Starwood Capital Group Global, LLC
|Also See:||Barry Sternlicht's Starwood Capital Group Developing New Hotel Concept: '1' Hotel; First Five Hotels Planned for Paris, Seattle, Scottsdale, Mammoth Lakes, CA; and Ft. Lauderdale / October 2006|