Georgetown's Graham Hotel Sold for Staggering $37 Million

The Graham Hotel in Georgetown has been sold, and for quite the princely sum.

The 57-room hotel was purchased by Legacy Hotel Group LLC for $37 million, which comes out to a whopping $649,122 per key, according to a Washington Business Journal report.

That figure compares favorably to the recent sale of the Ritz Carlton Georgetown, which sold for $377,907 per key. It also topped the recent sale of the Le Meridien hotel in Rosslyn just across the Potomac River, which sold for more overall -- $51.8 million -- but with 154 rooms it didn't come close to the Graham at $336,363 per key.

The Graham Hotel has changed hands a few times in the last few years. It was known as Hotel Monteicello before the latest owners, Mast Capital, bought the hotel for $16.4 million in 2011, meaning they've certainly gotten a solid return on investment, according to the report.

The hotel, which is located at 1075 Thomas Jefferson Street NW, went through a renovation that expanded it from 38 rooms to 57, which has apparently sent its profitability upward.

Image via Graham Hotel