NEW YORK, August 7, 2003 - Jones Lang LaSalle Hotels will market the fee simple interest in the Hyatt Regency Washington, DC on Capitol Hill - an 834-room, deluxe, full-service hotel situated in the heart of the District of Columbia. This property, the largest on Capitol Hill, provides nearly 35,000 square feet of recently renovated meeting space with state-of-the-art multi-media capabilities. It is steps from the U.S. Capitol, Library of Congress, Supreme Court, Smithsonian Museums, Washington Mall and Amtrak`s Union Station and only nine blocks from the new, 2.3 million-square-foot Washington Convention Center that opened in March 2003. Its wide range of food and beverage facilities includes the Capitol View Restaurant and Lounge; the Park Promenade; Networks; and Perks, Coffee and More.
“The Hyatt Regency Washington, DC on Capitol Hill is proximate to some of the most visited tourist attractions in the country,” said Art Adler, Managing Director and CEO-Americas of Jones Lang LaSalle Hotels. “The hotel will benefit from the District of Columbia`s renaissance including the opening of the new convention center, the restoration of Union Station and on-going improvements to its numerous museums and monuments. The economic vigor of Washington, DC has resulted in solid levels of lodging demand that has made it one of the top hospitality markets in the nation.”
The Hyatt Regency Washington, DC on Capitol Hill has benefited from approximately $8.0 million in property upgrades since 1999, including a major renovation of the meeting facilities and guestrooms, as well as replacement of the roof and back-of-house systems and equipment.
According to Tom Fisher, Senior Vice President of Jones Lang LaSalle Hotels, the Federal presence distinguishes Washington, DC from all other U.S. metropolitan areas. “The Federal Government provides a unique stabilizing factor to the city`s economy, which has translated into strong and consistent performance for the hotel in recent years. The property is in a unique position to take advantage of the strong commercial development outlook in the immediate Capitol Hill sub-market as well as the upswing in the economy.”