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CGI Merchant Group acquires lease to historic Old Post Office building in Washington, D.C. and plans to relaunch it as a Waldorf Astoria Hotel in partnership with Hilton.
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CGI's acquisition of the lease presents a unique opportunity to pair with the luxury Waldorf Astoria brand, optimizing future value.
CGI's Hospitality Opportunity Fund aims to acquire and develop consciously minded hotel properties throughout North America and the Caribbean.
The Waldorf Astoria Washington, D.C. will aim to create an authentic experience for guests that connects the core values of the conscious traveler with positive community impact.
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Property to be renamed, branded and managed as a Waldorf Astoria Hotel
The acquisition was made via CGI’s flagship Hospitality Opportunity Fund, an ESG-focused endeavor dedicated to cultivating a collection of consciously minded hotels
MIAMI--(BUSINESS WIRE)--
CGI Merchant Group, LLC (CGI), a global investment management firm with a focus on commercial real estate, today announced its acquisition of the lease to the historic Old Post Office building in Washington, D.C. Located at 1100 Pennsylvania Avenue, the iconic property opened in 1899 as Washington, D.C.’s main post office, later converted to a federal office building and more recently became a hotel. CGI, in partnership with Hilton, plans to relaunch the property as part of the iconic Waldorf Astoria Hotels & Resorts brand.
This marks the fourth hotel deal completed through CGI’s Hospitality Opportunity Fund I, LP (H Fund), which aims to acquire and develop a first-of-its-kind collection of consciously minded hotel properties throughout North America and the Caribbean. In Washington, D.C.’s competitive real estate market, the acquisition of this property presents a unique opportunity to pair CGI’s mission to improve communities where it invests with the luxury Waldorf Astoria brand to optimize future value.
Construction on the historic property began in 1892. Built in a Romanesque Revival architectural style, it functioned as Washington D.C.’s main General Post Office until 1914, at which point it functioned as a federal office building. There are 95 years remaining on the lease, which has been acquired with approval from the owner of the property, the U.S. General Services Administration (GSA).
All properties purchased and/or developed through the H Fund will be labeled as part of CGI’s Conscious Certified Hotels (CCH) and housed within Hilton’s portfolio of world-class brands. As a CCH, the Waldorf Astoria Washington, D.C. will aim to create an authentic experience for guests that connects the core values of the conscious traveler with positive, measurable community impact.
“This acquisition marks a major milestone for CGI in our quest to rewrite the meaning of return on investment,” said Raoul Thomas, CEO and founder of CGI. “We are thrilled to partner with our friends at Hilton to bring the Waldorf Astoria brand to an iconic landmark in the nation’s capital and look forward to working closely together to have a lasting and positive impact on the Washington, D.C. community.”
“Hilton is committed to serving any guest, for any travel need they have, anywhere in the world – and we’re thrilled to partner with CGI to expand our presence in the nation’s capital,” said Chris Nassetta, President & CEO, Hilton. “Waldorf Astoria properties – and our Team Members – offer a unique sense of place and an incredible commitment to personal service in more than 30 landmark locations worldwide, and this hotel will be a perfect representation of our brand. We look forward to sharing our signature hospitality with travelers to this iconic destination.”
Other recent acquisitions made by the H Fund include The Gabriel Miami and The Gabriel South Beach, both Curio Collection by Hilton hotels. CGI also recently announced a partnership with Morris Brown College, a Historically Black College and University in Atlanta, and Hilton to develop a 150-key upscale hotel and hospitality management training complex directly on campus.
The Waldorf Astoria Washington, D.C. is expected to open by early summer.
About CGI Merchant Group CGI Merchant Group is a minority-owned global investment management firm with a focus on commercial real estate. Through our people, unique strategies and investment platform, we work to create long-term value for our investors and shareholders and seek to improve the communities where we invest.
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 18 world-class brands comprising nearly 6,900 properties and nearly 1.1 million rooms, in 122 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed more than 3 billion guests in its more than 100-year history, earned a top spot on Fortune's 100 Best Companies to Work For list and been recognized as a global leader on the Dow Jones Sustainability Indices for five consecutive years. Hilton has introduced several industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the nearly 133 million members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit newsroom.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
CGI Merchant Group is a global investment management firm with a focus on commercial real estate.
What is the Old Post Office building in Washington, D.C.?
The Old Post Office building is a historic property that opened in 1899 as Washington, D.C.'s main post office and later became a federal office building and hotel.
What is CGI's Hospitality Opportunity Fund?
CGI's Hospitality Opportunity Fund aims to acquire and develop consciously minded hotel properties throughout North America and the Caribbean.
What is the Conscious Certified Hotels program?
The Conscious Certified Hotels program is CGI's initiative to label properties that aim to create an authentic experience for guests and have a positive community impact.
When is the Waldorf Astoria Washington, D.C. expected to open?
The Waldorf Astoria Washington, D.C. is expected to open by early summer.
