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Changes in Ownership and Management |
Concurrently, BPG/Monument announced that it will undertake a $30 million renovation of the hotel and office building later this year with a tentative completion date of summer 2003. BPG will operate the hotel and Monument Realty will manage the office space. Located in the heart of Washington�s central business district at the intersection of 15th and M Streets, the Madison Hotel and Office Building features 353 luxury hotel rooms/suites with more than 16,000 square feet of meeting and function space, and nearly 95,000 rentable square feet of office space. The property is four blocks from The White House and is within easy walking distance of the new Washington Convention Center, which will offer 750,000 square feet of exhibit space when it opens in March 2003 and is expected to have a significant impact on the city�s hotel industry. The venture has engaged the architectural firm Brennan Beer Gorman Monk to design and oversee a major renovation of the complex, including thoroughly modernizing the hotel�s infrastructure, including installing the latest wireless and high speed electronic technology. Plans also include completing the renovation of all hotel rooms and suites, replacing the mechanical systems and roof and a complete make-over of the lobby, restaurants and meeting space. The hotel recently concluded a partial renovation, including approximately 75 rooms, installation of state-of-the-art life safety systems and elevators, and is in excellent operating condition. �The Madison is certainly one of the nation�s most highly regarded hotels, and our goal is to recapture the property�s historic leadership role in the city,� said Dave Pollin, BPG president, whose company will oversee operations of the hotel. �While we will thoroughly upgrade and modernize the hotel and its infrastructure, we will maintain the hotel�s world-famous charm and eclectic atmosphere, attention to detail and gracious service.� At the same time, the office building and garage will undergo extensive upgrading. The heating and cooling system will be replaced with a state-of-the-art heat pump system, the office lobby entrance will be completely renovated and elevator cabs will be refinished and upgraded. Bathrooms on the tenant floors will be completely refurbished. In conjunction with the renovation, the office building will be repositioned in the Washington, D.C. market. Connected to the hotel, the office building will provide direct access to the hotel�s restaurant, lobby, meeting rooms and health club. This first-of-its-kind arrangement in the city will provide office tenants with access to the full range of hotel facilities, including dining, meeting rooms, health club, concierge, catering and laundry services. �We believe the unique services offered by the adjoining hotel, combined with upgrades to the office building, will clearly differentiate our tenants� facilities from any other office complex in Washington, D.C.,� said Michael Darby, principal, Monument Realty. Built in 1962 by Marshall Coyne, one of the city�s most successful real
estate developers, the complex was officially opened by President John
F. and Mrs. Kennedy. The hotel has hosted heads of state and dignitaries
from more than 35 countries, including then president-elect George W. Bush,
as well as Fortune 500 CEOs, movie stars and a variety of international
luminaries.
Pollin pointed out that his company, which is headquartered in Alexandria, Va., recently had completed the renovation and redevelopment of City Center @ Wilmington, the former DuPont World Headquarters, which contains more than a million square feet of office space and 85 corporate apartments. �BPG currently owns and operates seven hotels and have an additional three full-service hotels under construction,� he said. �Combined with the extensive experience of major projects undertaken by Monument Realty, we are comfortable with the size and scope of the Madison project.� Atlanta-based Hodges Ward Elliott and Insignia/ESG were brokers for the transaction. The Multi-employer Property Trust, headquartered in Washington, D.C.,
is a pension trust comprising 188 Taft-Hartley pension trusts.
PM Hospitality Strategies, an affiliate of The Buccini/Pollin Group,
currently operates seven hotels and is overseeing the construction of three
additional upscale hotels, all on the Eastern Seaboard. The
company is an approved franchisee of Marriott, Hilton, and Choice Hotels.
PMHS� hands-on founders oversee all aspects of day-to-day operations, and
emphasize marketing, employee development, and cost-effective operations
for each hotel. With
In addition to its hotel holdings, The Buccini/Pollin Group, founded in 1992, has acquired or developed 17 office, industrial, retail or parking garage facilities, including the 1.2 million-sq.-ft. former Dupont World Headquarters Complex and One Rollins Plaza, both in Wilmington, Del., and the 75,000 sq.-ft. BioReliance biotech manufacturing plant in Rockville, Md. Headquartered in Alexandria, Va., the company currently is constructing a 275-suite Embassy Suites Hotel at Boston�s Logan Airport and developing an Embassy Suites Hotel and Homewood Suites by Hilton in Dulles, Va. |
The Buccini/Pollin Group www.pmhs.com www.bpgroup.net |
Also See | Paul Stanton and Joseph Bojanowski Named to Vice President Posts at PM Hospitality Strategies / Aug 2001 |
Buccini/Pollin Group Open the 150th Embassy Suite in Delaware / Nov 1999 |