Jamestown has acquired The Madison hotel and The Madison office building, an adjacent, 95,000-square-foot office building in Washington, D.C.’s CBD, for $123 million. Jamestown purchased both buildings, which are connected with underground parking, from Bentall Kennedy.
In partnership with Jamestown, The Madison hotel will be operated by managing agent Destination Hotels & Resorts
Built in 1963 by the late hotelier Marshall Coyne, The Madison hotel offers 353 guest rooms, 13 suites and 14,000 square feet of event space within blocks of the White House, Embassy Row and the National Mall. The 15-story hotel will undergo a $20 million renovation throughout the next year, and be reintroduced in spring 2012. Renovations to the guest rooms and communal spaces will be completed by interior designer Dominick Coyne (no relation to Marshall Coyne) and his team.
Hotelier Jim Horsman has been tapped as the managing director of the hotel. Horsman joined Destination Hotels & Resorts in 2003 after working for The Ritz-Carlton Hotel Company. While with Destination Hotels & Resorts, Horsman led the team at the NINE ZERO Hotel in Boston, Mass., and then went on to open the Stowe Mountain Lodge in Stowe, VT.
Founded in 1983 and headquartered in Atlanta, GA, Jamestowninvests in multiple U.S. markets including New York City, San Francisco, Boston and Washington, D.C. Destination Hotels & Resorts is a privately held lodging management company headquartered in suburban Denver, CO