ALEXANDRIA, VA–Clarion Partners has sold two local hotels for an undisclosed price to a joint venture between Fulcrum Hospitality and AllianceBernstein US RE. They are the Hotel Monaco in Old Town Alexandria and Morrison House, also in Alexandria.
The properties last traded in 2006 for $66 million and $14.4 million, respectively.
The current manager, Kimpton Hotels & Restaurants, will not be continuing as manager under the new ownership, the company has confirmed. Marriott will be the new manager, according to the Washington Business Journal and the Patch has confirmed that specifically Marriott's boutique offshoot Autograph Collection will be the flag.
Although it has been a slow year for hotel sales, the deals that are pending are moving to close the books for 2016. Yesterday GlobeSt.com reported that the Westmont Hospitality Group and Varde Partners acquired a 95-room boutique hotel at 824 New Hampshire Ave. NW, from George Washington University for $30.5 million.
ALEXANDRIA, VA–Clarion Partners has sold two local hotels for an undisclosed price to a joint venture between Fulcrum Hospitality and AllianceBernstein US RE. They are the Hotel Monaco in Old Town Alexandria and Morrison House, also in Alexandria.
The properties last traded in 2006 for $66 million and $14.4 million, respectively.
The current manager, Kimpton Hotels & Restaurants, will not be continuing as manager under the new ownership, the company has confirmed. Marriott will be the new manager, according to the Washington Business Journal and the Patch has confirmed that specifically Marriott's boutique offshoot Autograph Collection will be the flag.
Although it has been a slow year for hotel sales, the deals that are pending are moving to close the books for 2016. Yesterday GlobeSt.com reported that the Westmont Hospitality Group and Varde Partners acquired a 95-room boutique hotel at 824 New Hampshire Ave. NW, from
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
