WASHINGTON, DC–Arlington, VA-based Excel Group has acquired the Hyatt Place Washington D.C./US Capitol for an undisclosed amount.
The seller is JBG Cos., which delivered the hotel in 2014, marking the company's entrance into the NoMa district, according to a statement by Principal Moina Banerjee at the time.
Public records show the land for the hotel was acquired in 2012 for $5 million.
Excel secured a $39 million floating-rate first mortgage from Natixis Bank for the property, which is located at 33 New York Ave NE. The company already owns a few hotels in the DC area including the Hampton Inn & Suites, in Parole, MD, which it acquired in August 2016 for roughly $13.3 million. It also acquired the Aloft BWI in Linthicum, MD, in May 2016 for $18.2 million.
Excel did not return a request for comment from GlobeSt.com in time for publication.
Waiting for the Spin Off
JBG Cos.' has not made many acquisition or dispositions lately, understandably, as it waits for its merger with the Vornado Realty Trust spin off.
That transaction has been pushed back until July, according to a report earlier this month by Vornado.
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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.
