Photo by Leon
WASHINGTON, DC—More details have emerged about Pebblebrook Hotel Trust's $111 million sale of the 343-room, Liaison Capitol Hill in February.
HFF has just reported that it not only closed the hotel's sale but it also arranged acquisition financing for it. HFF marketed the property on behalf of Pebblebrook and a partnership between Metrovest Equities and BLDG Management purchased the hotel. In addition, working on behalf of the partnership, HFF placed a 75% loan-to-cost floating-rate bridge loan with a major life insurance company.
The hotel, located at 415 New Jersey Ave., is the closest hotel to the US Capitol building. It is also within walking distance to nearly 150 million square feet of office space and 100 embassies.
The buyer plans has converted the Liaison into the YOTELPAD Capitol Hill. A lifestyle-oriented hospitality concept, this will be YOTEL's first extended stay project in Washington, DC.
HFF's hotel group's Daniel C. Peek and Cyrus Vazifdar led the deal. The HFF debt placement team representing the borrower included Scott Aiese and Chris Hew.
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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.
