The W Washington DC hotel is slated to be sold and lose the W brand this month, the Washington Business Journal reported.
The luxury hotel’s Dubai-based owner, an affiliate of the Investment Corp. of Dubai, is selling it to an organization that operates under Pimco, a global investment management firm headquartered in Newport Beach, California, according to the report.
A major renovation of the iconic 326-room hotel was recently finalized and cost the owners around $50 million.
The property, located at 515 15th Street, Northwest, will remove the W brand of Marriott International Inc. that it has been bearing since 2007 as part of the agreement. (It opened in 1917 as the Hotel Washington.)
A spokesperson for Marriott expressed the company’s disappointment with the new owner’s decision in an emailed statement to the Business Journal. “We wish them the best in this next chapter for the storied property,” they added.
The news outlet reached out to the hotel’s general manager Meade Atkeson and a representative for Pimco but failed to get a response from them.
The price of the sale is not known yet.