St. Regis Hotel closing for renovation

The St. Regis Hotel, one of Washington’s oldest and most expensive luxury hotels, will close its doors today for an 18-month renovation. The hotel, which will remain under St. Regis management, is expected to reopen in late 2007.

New York-based Starwood Hotels & Resorts sold the 193-room property last summer in a joint-venture deal for $47 million to New York-based real estate investors Brickman Associates and New Valley Corp. The sale was part of Starwood’s overall strategy to sell off billions in assets and reinvest in the company.