We hear the inconic Madison Hotel in Washington, D.C. has new owners who are ready to embark on a multimillion-dollar makeover. The owner, Jamestown Properties, has purchased the hotel and its adjoining office building from Bentall Kennedy for $123 million. Word is the rather low purchase price is allowing the new owners to inject some neeed capital into the hotel.
Destination Hotels & Resorts will run the Madison, a job Loews Hotels formerly held. Destination has previous D.C. roots, having operated the Monarch until the hotel was sold in 2002 (it's now a Fairmont). The company has chosen Jim Horsman to head up the Madison. Michael Phillips, managing director of Jamestown, told The Washington Post that Destination was picked because of their experience in establishing a hotel's identity, particularly ones that don't fly a flag.
We hear the renovation will include a $20 million facelift of the 353 rooms, 14,000 square feet of meeting space, PostScript lounge and Palette restaurant. The Post also reports that renovation will take cues from the Savoy in London or the Carlyle in New York City. "The idea is to make it like an American country house hotel in the city," Phillips said. Interior designer Dominick Coyne will lead the project.