WASHINGTON, DC–A codicil to last week's story about the sale of the University Inn in Foggy Bottom: Natixis provided a $25 million floating-rate loan to the buyers, a joint venture between Westmont Hospitality and Varde Funds. The loan is for the acquisition and renovation of the hotel.
Westmont Hospitality Group and Varde Partners acquired the 95-room hotel, located at 824 New Hampshire Ave. NW, from George Washington University. The price was not announced, however a source told GlobeSt.com that The University Inn traded for $30.5 million, give or take.
The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.
The appetite for lending on hotels in general has cooled over the past year with banks tightening up underwriting standards and offering lower levels of leverage.
WASHINGTON, DC–A codicil to last week's story about the sale of the University Inn in Foggy Bottom:
Westmont Hospitality Group and Varde Partners acquired the 95-room hotel, located at 824 New Hampshire Ave. NW, from
The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.
The appetite for lending on hotels in general has cooled over the past year with banks tightening up underwriting standards and offering lower levels of leverage.
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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.
