ROSSLYN, VA–Bethesda, MD-based Host Hotels & Resorts announced in its earnings call that it is under contract to sell the Key Bridge Marriott for $190 million, including $8 million for FF&E replacement funds. The sale is expected to close by the end of the first quarter 2018, subject to customary closing conditions. The buyer, according to Host Hotels, is expected to redevelop the site for retail, residential and lodging.
A source tells GlobeSt.com that the buying entity is a JV between two companies from Los Angeles.
It was only last year that the lodging REIT acquired the ground leases for the hotel for $54 million. It had been trying to gain control of the leases for ten years prior, CEO Ed Walter said at the time.
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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.
