ANNAPOLIS, MD-A new owner is in line to take over the Sheraton Barcelo Annapolis hotel. Highland Hospitality Corp. is committing to purchasing the 197-room property from Grubarges Annapolis LLC, an entity of a Madrid, Spain-based joint venture, in a proposed $18-million transaction.

WASHINGTON, DC-The new corporate tax reform bill, just recently signed into law, contains new and improved government regulations regarding REITs. Among other impacts, the rules will smooth the road for foreign investors looking to purchase public stocks in US REITs.

ARLINGTON, VA-The Corporate Executive Board Co. signs the Washington, DC area's largest private sector lease ever, committing to occupying the entire 620,000-sf office segment of the one-million-sf Waterview development under a 20-year lease. The project is to be constructed in the Rosslyn area by the JBG Cos., Trizec Properties Inc. and CIM Group in the area.

WASHINGTON, DC-Pharmaceutical Research and Manufacturers of America makes plans to join the growing roster of preleasers at the Atlantic Building, a 280,000-sf office building that is presently in the works. If all goes as anticipated, the trade association will relocate from its current digs on 15th Street.

FREDERICK, MD-Under a new lease agreement, Ashley Furniture steps into the space that was once home to discount retail store Ames at the 217,500-sf Frederick Shopping Center. Ashley Furniture is planning to open the doors to the 62,000-sf space next summer.

GAITHERSBURG, MD-In a deal valued at an estimated $79 million, ownership of the 393,000-sf data center on Frederick Avenue changes hands. Wells Real Estate Investment Trust II Inc. takes the property, fully leased by IBM, off the hands of Monument Realty.

ARLINGTON, VA-The Views of Clarendon, a mixed-use church and residential property, is on target to replace the First Baptist Church of Clarendon's existing facility at 1210 N. Highland St. The $30 million project will yield a new 10-story structure with room for the church and 116 residences, 70 of which will be designated as low-income housing.

WASHINGTON, DC-The development of three public libraries moves forward as Hess Construction Co. gets started on the project following the mayor's go-ahead. The $21 million endeavor also calls for the renovation of another library property. All work is scheduled to reach completion in 2006.