WASHINGTON, DC–The Bernstein Cos. was the buyer of the 270-room DoubleTree Bethesda, whose $50.1 million trade we reported earlier this month.
Pebblebrook announced it had put the property under contract at the end of October and then, days later, reported that it had been sold. Pebblebrook acquired the hotel in 2010 shortly after it went public. It paid $67.1 million for property, using the proceeds from its initial public offering.
According to a press release from JLL, which brokered the transaction, the Bernstein Cos. will manage the hotel as a DoubleTree. It also plans to reposition the property.
Jeffrey Davis and Brady Rice led the JLL team on the deal.
WASHINGTON, DC–The Bernstein Cos. was the buyer of the 270-room DoubleTree Bethesda, whose $50.1 million trade we reported earlier this month.
Pebblebrook announced it had put the property under contract at the end of October and then, days later, reported that it had been sold. Pebblebrook acquired the hotel in 2010 shortly after it went public. It paid $67.1 million for property, using the proceeds from its initial public offering.
According to a press release from JLL, which brokered the transaction, the Bernstein Cos. will manage the hotel as a DoubleTree. It also plans to reposition the property.
Jeffrey Davis and Brady Rice led the JLL team on the deal.
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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.
