Friedman Capital Acquires Historic Georgetown Hotel The Graham for $37M
Friedman Capital, a Washington, D.C.-based real estate firm, has acquired The Graham Hotel, a 57-room hotel in D.C.’s popular Georgetown neighborhood, for $37 million.
Legacy Hotel Group LLC was the seller, having acquired the luxury hotel in 2016 for the same price it sold for.
Friedman Capital’s management arm, Anasazi Group, will serve as the hotel’s operator and manager going forward.
“The Graham is an unpolished gem in historic Georgetown with so much potential — these are the types of spaces that have always appealed to me,” Brian Friedman, founder of the Friedman Capital family office, told Commercial Observer. “Our brand is focused on investing in or purchasing historic buildings and taking a hands-on approach to completely enhance and refine these buildings through bespoke decor, curated artworks and luxury brands.”
Friedman Capital previously reopened the Glover Park Hotel Georgetown at 2505 Wisconsin Avenue following capital improvements last year, and also owns and manages The Watergate in D.C.
Located at 1075 Thomas Jefferson Street NW, The Graham is known for its luxury suites, many of which offer private decks and terraces.
According to Friedman, the interior will be completely redone with upscale, curated art installations and bespoke furnishing and interior design throughout the lobby and rooms.
“We will be partnering with luxury brands for everything from the soaps to the linens, and we will be updating the dining options and menu,” he said.
Additionally, the hotel’s dining will be significantly expanded from seven to 21 meals per week with new chefs joining the team. The Graham Hotel will also institute a high tea experience on the weekends.
While the delta variant is causing a decline in travel after the increase this summer, Friedman expects to be entering into a golden age of travel.
“With professionals working remotely and families longing to be able to travel again, we expect a huge influx in travel that we will be ready for,” he said. “D.C. will always be a strong market for hospitality, due to the continued increase in appeal to business travel and tourists. We’ve seen over the past year that more and more D.C. hotels are breaking away from generic, big brands and find local operators more appealing.”
Friedman Capital’s portfolio also includes the Rosewood Inn of the Anasazi in Santa Fe, N.M., and Liberty Station in San Diego. Brian Friedman is also the founder of Foxhall Partners and SPAC company BOA Acquisition Corp.
No brokers were utilized on the deal.
Keith Loria can be reached at firstname.lastname@example.org.