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Pebblebrook Divests Capitol Hill Hotel in $111M Deal
Pebblebrook Hotel Trust sold the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C. A partnership between Metrovest Equities Inc. and BLDG Management purchased the hotel unencumbered of existing brand and management for $111 million. The buyer plans to convert the property into the Yotelpad Capitol Hill, a purposefully-designed compact home concept.
The asset at 415 New Jersey Ave. is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Convention Center, as well as nearly 150 million square feet of office space and 100 embassies.
HFF’s Daniel C. Peek and Cyrus Vazifdar handled the sale and arranged acquisition financing, consisting of a 75%-loan-to-cost floating-rate bridge loan with a major life insurance company. HFF’s debt placement team representing the borrower consisted of Scott Aiese and Chris Hew.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition