DC Hotel Changes Hands for $128M
- Dec 04, 2018
Xenia Hotels & Resorts has sold its 300-key Hilton Garden Inn Washington D.C. Downtown for $128 million, or approximately $427,000 per key. Xenia did not disclose the buyer in the deal. Proceeds from the sale will be used for general corporate purposes, which could include debt repayments, acquisitions and share repurchases.
The property is located at 815 14th St. NW, in downtown Washington, D.C., and is near several metro stations, parks, shopping and dining options. The location provides easy access to U.S. Route 29 and Interstate 66. Amenities at the hotel include a swimming pool, a gym, a 24-hour pantry market, an electric car charging station and a business center.
Last month, Xenia acquired the 327-key Park Hyatt Aviara Resort Gold Club & Spa near San Diego for $170 million.
“We remain bullish on the long-term strength of the Greater Washington D.C. market, and particularly the Northern Virginia market, as evidenced by our acquisition of The Ritz-Carlton, Pentagon City, in Arlington, Virginia, in 2017 and our continued ownership of the recently renovated Lorien Hotel in Alexandria, Virginia,” said Marcel Verbaas, chairman & CEO of Xenia Hotels & Resorts, in prepared remarks. “We expect both hotels to benefit greatly from the vibrant economic climate in the area, including the recently announced addition of one of Amazon’s headquarter locations.”
Image courtesy of Xenia Hotels & Resorts