The 104-year-old hotel is owned by an affiliate of the Investment Corp. of Dubai, which, according to the Business Journal, is now is the process of selling the property to an organization controlled by Pimco, the California-based wealth management giant.
As part of the transaction, the hotel will disassociate from Marriott, thereby losing the W brand that has marked the hotel since 2007. The deal has not been finalized, but the “W” is expected to be removed from the hotel’s name in August, according to the Business Journal.
No sale price or closing date was disclosed.
The hotel, formerly called the Hotel Washington, is perhaps best known to locals for its legendary roof deck, which looks out over the White House and Treasury Department and is regularly booked for swank parties such as the one The New Yorker used to throw before the White House Correspondents’ Association dinner (at least back in the pre-Trump years, before the parties were curtailed).
“We are disappointed that the new owners of the W Washington D.C. have decided to run the hotel as an independent,” a Marriott spokesperson told the newspaper. “We wish them the best in this next chapter for the storied property.”
Correction: a previous version of this story reported that the hotel had undergone a $50 billion renovation. That figure was incorrect. The hotel had undergone a $50 million renovation. The story has been updated.