WASHINGTON, DC–Houston-based Westmont Hospitality Group and Varde Partners have acquired the 95-room hotel at 824 New Hampshire Ave. NW, from George Washington University. The price was not announced, however a source tells GlobeSt.com that The University Inn traded for $30.5 million, give or take.
The hotel includes a mix of studios and suites, as well as an on-site restaurant, Notti Bianche, on the ground floor. There were multiple bidders for the property, according to Marc Magazine, executive managing director of Savills Studley's Hospitality Group, who represented George Washington University in the transaction.
“We were open to any use including apartments or condos but we always felt that the best use would be as a hotel,” he told GlobeSt.com. Tom Baker and Justin Magazine of Savills Studley's Hospitality Group also represented the seller.
The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.
DC's hotel market from an investment standpoint is still very strong, Magazine said. Fundamentals will remain solid and should favor owners: while there is a pipeline of new development, these projects are delivering over time. Meanwhile, with a new administration 2017 should be a strong year of demand for Washington DC, he says.
WASHINGTON, DC–Houston-based Westmont Hospitality Group and Varde Partners have acquired the 95-room hotel at 824 New Hampshire Ave. NW, from
The hotel includes a mix of studios and suites, as well as an on-site restaurant, Notti Bianche, on the ground floor. There were multiple bidders for the property, according to Marc Magazine, executive managing director of Savills Studley's Hospitality Group, who represented
“We were open to any use including apartments or condos but we always felt that the best use would be as a hotel,” he told GlobeSt.com. Tom Baker and Justin Magazine of Savills Studley's Hospitality Group also represented the seller.
The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.
DC's hotel market from an investment standpoint is still very strong, Magazine said. Fundamentals will remain solid and should favor owners: while there is a pipeline of new development, these projects are delivering over time. Meanwhile, with a new administration 2017 should be a strong year of demand for Washington DC, he says.
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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.
