WASHINGTON, DC–A venture between Rockpoint Fund V Acquisitions and Three Wall Capital has acquired the Beacon Hotel here.
It is the third hotel that a local family has sold in the area, part of a three-property 550-room portfolio that it has been marketing since 2016. The other two properties were the St. Gregory, which traded for approximately $350,000 per key and the St. James, which sold for around $400,00 per key.
Word on the street is that the Beacon Hotel traded for slightly less than the St. Gregory.
Savills Studley's Capital Markets National Hospitality Group, led by Marc Magazine and Tom Baker, has brokered all three deals.
“Once again, the sale of the Beacon along with the previous sales of the St. Gregory and the St. James shows the strength of the Washington, DC market and the wide range of purchasers interested in investing in Washington, DC,” Magazine said in a prepared statement.
The 199-room hotel is located at the intersection of 17th Street and Rhode Island Ave. The new owners plan renovations to the rooms, food and beverage and amenities.
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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.
