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Northridge Ponies Up $52M for 189-Key Hotel

WASHINGTON, DC-Local market watchers say the per-key price of nearly $275,000 is very strong for the select-service category.

By Erika Morphy | Updated on October 03, 2006

WASHINGTON, DC-Locally based Northridge Capital Inc. has acquired a select-service hotel in Arlington, VA from a private limited liability company from California. The 189-room hotel traded for $51.9 million or a per-key price of almost $275,000.

The price for the Arlington Courthouse Hilton Garden Inn at 1333 Courthouse Rd. reflects the strong demand for hotel assets in the Washington area, Marc Magazine, senior vice president in the local office of CB Richard Ellis, tells GlobeSt.com. Magazine, along with Douglas Henkel, a CBRE senior vice president in Norfolk, and senior vice president Lewis C. Miller in Atlanta, represented the buyer. Northridge represented itself in the transaction.

“In this market properties are hitting new highs on every sale,” Magazine says. He points to the Hay Adams in Washington, DC, which traded at $800,000 per room, and more recently, a Westin that sold for $425,000 per room. One comparable trade to the Arlington Courthouse Hilton Garden Inn was last year’s sale of another Hilton Garden Inn in Downtown Washington for $287,000 per key.

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