Graham Hotel Sold for $37 Million
By • July 11, 2016 0 640
The Graham Hotel at 1075 Thomas Jefferson St. NW has changed ownership, but its staff remains in place — except for general manager Robert Clark, who has departed.
As first reported by the Washington Business Journal, Legacy Hotel Group LLC bought the 57-room hotel for $37 million from Mast Capital, which bought the then-Hotel Monticello for $16.4 million in 2011 and began significant renovations. The Graham now boasts its popular rooftop bar, known as the Observatory, as well as the restaurant, the Alex.
The hotel is named in honor of Alexander Graham Bell, who lived in Georgetown. Its sale indicates that D.C. hotel market remains hot. The hotel is popular with business travelers, tourists — and Washingtonians.
Two other Georgetown hotels have changed ownership recently. A block away from the Graham on 31st Street, the Rosewood Hotel took over from the Capella in April after a $65-million purchase. Almost nearby, the Georgetown Ritz-Carlton Hotel was purchased by Hersha Hospitality Trust for almost $50 million at the end of 2015 from Millennium Partners, which constructed the hotel and its condos — at 3100 South St. NW — in 2003.
