George Washington University has sold One Washington Circle to the Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA.
The 152-room hotel, located in the West End neighborhood, is just blocks from GW, George Washington University Hospital, the World Bank, International Monetary Fund and other major institutions. It will undergo a $30 million renovation and re-open in June 2023 as an AKA-branded luxury hotel residence, specializing in weekly and monthly stays.
“We are pleased by the successful completion of this transaction,” said GW Vice President of Finance and Treasurer Bruno Fernandes. “The proceeds from the sale of One Washington Circle will be used to support the academic mission of the university.”
GW had owned the property in 2001 and operated it as a hotel until August 2021, when the university moved in third- and fourth-year students as part of an agreement to house undergraduate students in residential campus housing while Thurston Hall was being renovated.
Russ Urban, CEO of EAHG, said the acquisition of One Washington Circle “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.”
Larry Korman, president of AKA, said that “having established AKA’s presence over a decade ago in D.C. at AKA White House and with the newest property, Hotel AKA Alexandria, opening later this year, we are excited to continue to bring AKA–known for high-design, world class amenities and service–to new cities throughout the region.”
Built in 1964 and last renovated in 2003, the One Washington Circle Hotel is a nine-story property with 152 suites averaging 480 square feet. It presently has a ground-floor restaurant and 3,300-square-foot meeting room; fitness center, business center and small outdoor pool; and roughly 45 parking spots. The property is a just short walk to GW, the Foggy Bottom-GWU Metro station and Dupont Circle, and is in close proximity to Georgetown, the White House and the U.S. Capitol building.
