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The Madison Hotel is a luxury hotel in Washington, D.C., built in 1963.

History

The Madison was constructed by developer Marshall Coyne,[1] along with the adjoining 100,000 sq ft, Madison Office Building.[2] The hotel was opened in February 1963,[3] by President John F. Kennedy.[4] When opened, it was Washington's first modern luxury hotel, with rooms renting at the then-unheard-of rate of $27 a night. In 1978, Coyne opened The Dolley Madison Hotel across M Street from the main hotel. The 42-room Dolley Madison operated as an ultra-luxury adjunct to The Madison until 1988, when Coyne sold it and it was demolished for construction of an office building.[5]

Loews Hotels assumed management of the hotel in April 2006, and it was renamed The Madison, A Loews Hotel.[6] The hotel and its adjoining office building were sold to The Jamestown Group in January 2011 for $123 million and Destination Hotels & Resorts assumed management from Loews,[7] returning the hotel to its original name.[8] The group renovated the property in 2012, as a cost of $22 million.[9] Loews Corp approached The Jamestown Group and offered to buy the hotel, and the sale was completed for approximately $145 million in December 2012,[10] with Jamestown retaining the office building.[11] The hotel rejoined the Loews chain in January 2013, becoming the Loews Madison Hotel. Jamestown sold the adjoining office building to Saudi investment bank Sidra Capital for $35 million in 2016.[12]

In September 2017, Loews sold the hotel to Walton Street Capital for $72.5 million. The actual sales price, the Washington Business Journal reported, was likely much higher, since the sale of the building did not include the price of intangible assets. Walton Street Capital retained Hilton Hotels & Resorts to manage the hotel, which was rebranded as The Madison Washington DC, a Hilton Hotel.[13] Walton Street Capital sold the hotel to AllianceBernstein in October 2020 for $65.3 million.[14] The hotel left Hilton on March 31, 2022, joining Marriott as The Madison Hotel.[15] The following day, on April 1, 2022, the hotel's sale to Fort Worth-based Crescent Real Estate for $61.2 million was announced.[16]

Rating

The AAA gave the hotel four diamonds out of five in 2012. The hotel has maintained that rating every year, and received four diamonds again for 2016.[17] Forbes Travel Guide (formerly known as Mobil Guide) declined to give the hotel five stars in 2016, nor did the hotel make its "recommended" list.[18]

References

  1. ^ Adam Bernstein (2000-03-17). "Marshall Coyne Dies at Age 89". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409. Archived from the original on 2020-07-19. Retrieved 2020-07-19.
  2. ^ "1155 15th St NW, Washington, DC 20005 - Madison Office Building". LoopNet.
  3. ^ "The Iconic Madison - Real Estate in Washington DCReal Estate in Washington DC". Archived from the original on 2020-07-19. Retrieved 2020-07-19.
  4. ^ De Lollis, Barbara (June 13, 2012). "Washington D.C.'s Madison hotel gets stylish new look". USA Today. Archived from the original on June 16, 2012. Retrieved July 19, 2012.
  5. ^ David S. Hilzenrath; Sharon Warren Walsh (May 27, 1988). "Dolley Madison Hotel will be Sold, Torn Down". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409. Archived from the original on July 20, 2020. Retrieved July 19, 2020.
  6. ^ "Loews Hotels Assumes Management of The Madison Hotel in Washington". www.fivestaralliance.com. Archived from the original on 2020-07-19. Retrieved 2020-07-19.
  7. ^ Danielle Douglas (March 31, 2011). "Madison Hotel protests end as union reaches tentative agreement". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409. Archived from the original on July 20, 2020. Retrieved July 19, 2020.
  8. ^ Rebecca Cooper (October 30, 2020). "Madison Hotel in downtown D.C. changes hands for $65.3 million". Washington Business Journal. Retrieved November 11, 2022.
  9. ^ De Lollis, Barbara (June 14, 2012). "Washington D.C.'s Madison hotel gets stylish new look". USA Today. Archived from the original on June 16, 2012. Retrieved July 19, 2012.
  10. ^ "Loews to Buy Washington's Madison Hotel in Expansion Plan". Bloomberg. Archived from the original on 2012-12-09. Retrieved 2017-03-08.
  11. ^ Abha Bhattarai (December 10, 2012). "Madison Hotel is sold again". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409. Archived from the original on July 19, 2020. Retrieved July 19, 2020.
  12. ^ "Jamestown Sells Madison Office Building To Saudi Investor". Bisnow. Archived from the original on 2020-07-19. Retrieved 2020-07-19.
  13. ^ Neibauer, Michael (September 22, 2017). "Loews Madison Hotel acquired, flips flags". Washington Business Journal. Archived from the original on September 26, 2017. Retrieved September 25, 2017.
  14. ^ "Madison Hotel in downtown D.C. changes hands for $65.3 million". Washington Business Journal. October 30, 2020. Retrieved November 11, 2022.
  15. ^ "The Madison Hotel". Marriott International. Archived from the original on 2022-07-06. Retrieved 2023-05-31.
  16. ^ "Madison Washington, D.C. Hotel sells again". April 5, 2022. Archived from the original on April 5, 2022. Retrieved May 31, 2023.
  17. ^ American Automobile Association (January 15, 2016). AAA/CAA Four Diamond Hotels (PDF) (Report). p. 1. Archived from the original (PDF) on January 28, 2016. Retrieved May 3, 2016.
  18. ^ "Forbes Travel Guide 2016 Star Award Winners". Forbes Travel Guide. February 2016. Archived from the original on May 6, 2016. Retrieved May 3, 2016.

External links

source: https://en.wikipedia.org/wiki/Madison_Hotel_(Washington,_D.C.)