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WASHINGTON, DC-With the assistance of a $3-million gap equity financing deal, Potomac Hospitality Services has become the new owner of the 199-room Lincoln Suites Hotel. The firm purchased the property from RLJ Hospitality for a total of $14.5 million.

Potomac Hospitality, which is an affiliate of Cafritz Interests, plans to invest more than $1 million in upgrades and will ultimately rename the property the Quincy. Private real estate investment fund sponsor RiverOak Investment Corp. Inc. provided the financing through its RiverOak Realty Fund III LLC. Seller RLJ acquired the property for $8.4 million last year.

Equidistant from George Washington University and the White House, Lincoln Suites sits at 1823 L St. NW in the city's Golden Triangle area. "This property's location and defined clientele made this off-market acquisition a tremendous opportunity with great potential for return on investment," RiverOak managing director Stephen DeNardo says.