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Case Study—Pillsbury's Real Estate Practice Helps Close Sale of Storied Hilton Washington Hotel
18-Jun-2007
Pillsbury's real estate practice recently helped close one of the largest hotel buys in Washington DC's history by helping Lowe Enterprises Investors and the Canyon-Johnson Urban Fund purchase the iconic Hilton Washington hotel near Washington's Dupont Circle for $290 million.
Executives from Lowe Enterprises, a leading national real estate investment, development and management firm with extensive experience in the hospitality industry, already have developed and will oversee the extensive renovation program set to begin in the third quarter of this year. The Hilton Washington’s major equity investor in the acquisition, the Canyon-Johnson Urban Fund, is a joint venture between Canyon Capital Realty Advisors and basketball-legend-turned-urban-entrepreneur Earvin “Magic” Johnson. Based in the Los Angeles area, Canyon-Johnson is one of the largest private real estate funds focused on the development and repositioning of urban properties in the U.S.
Set on five acres and located on Connecticut Avenue near Dupont Circle, the Hilton Washington is in the heart of one of the area’s most desirable and distinctive shopping, dining and residential neighborhoods. Its proximity to government and cultural institutions also makes it a premier destination for both business and leisure travelers. Beyond its 1,119 rooms, the hotel has 110,000 square feet of meeting space, including a signature 36,000-square-foot International Ballroom, the city’s largest. The hotel's new owners will preserve its famous name and manage the property according to terms in their purchase agreement with Hilton Hotels Corporation.
Pillsbury lawyers advising Lowe's on the transaction are real estate partner Wendelin White and senior associate Christian Salaman.
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