Jamestown Properties, a real estate investment firm based in Atlanta, has bought the historic Madison Hotel in Washington, D.C., and its adjoining office building for $123 million. Jamestown is planning a multimillion-dollar renovation of the luxury hotel. "In the last 15 years, it has become a commodity hotel and not the best-in-class property it was the first 30 years, when Marshall Coyne ran it," said Michael Phillips, a managing director at Jamestown.

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