WASHINGTON, DC–A venture between Rockpoint Fund V Acquisitions and Three Wall Capital has acquired the Beacon Hotel here.
It is the third hotel that a local family has sold in the area, part of a three-property 550-room portfolio that it has been marketing since 2016. The other two properties were the St. Gregory, which traded for approximately $350,000 per key and the St. James, which sold for around $400,00 per key.
Word on the street is that the Beacon Hotel traded for slightly less than the St. Gregory.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
