D.C. Hotel Changes Owners Just Months After Changing Face
- Jul 24, 2015
RLJ Lodging Trust continues to add to its U.S. portfolio of properties. The publicly traded real estate investment trust recently announced the acquisition of two new hotels in D.C. and Seattle.
Washington, D.C.’s Hyatt Place DC/Downtown/K Street opened just a few months ago, in April, following a renovation and conversion from an office building. RLJ purchased it in an off-market transaction from the developers—Atlanta-based Songy Highroads LLC and an affiliate of New York City-based Elliott Management Corp. The purchase price was $68 million, or the equivalent of about $415,000 per key.
Hyatt Place DC/Downtown/K Street is located at 1522 K St., N.W., just two blocks from the White House and close to other popular attractions. The 164-key hotel offers its guests numerous amenities, such as free Wi-Fi, a bar, a 24-hour gym, 2,800 square feet of meeting space and a 1,200-square-foot rooftop function space with views of the city’s downtown.
RLJ also expects to close the acquisition of the Seattle hotel in the next few days. The 170-room Homewood Suites Seattle/Lynnwood will change hands for $37.9 million, or approximately $223,000 per key. With the addition of these two hotels, RLJ’s portfolio will include 128 properties in 22 states and the District of Columbia.
Photo courtesy of RLJ Lodging Trust