JV Buys 199-Key Hotel in Downtown DC
The Beacon Hotel and Corporate Quarters has traded in a deal facilitated by Savills Studley. The new owners plan to carry out extensive on-site renovations.
By Beata Lorincz
Beacon Hotel in Washington, D.C.
A joint venture of Rockpoint Fund V Acquisitions and Three Wall Capital has acquired the Beacon Hotel and Corporate Quarters in central Washington, D.C. The transaction is the last deal of a three-asset, 550-key hospitality portfolio sale, preceded by the disposition of the St. Gregory and St. James hotels. Savills Studley’s Capital Markets Group brokered all three deals on behalf of the seller.
The hotel is located at 1615 Rhode Island Ave. N.W. in downtown D.C. The property offers proximity to numerous monuments and a variety of institutions, such as the George Washington University, The White House and the Kennedy Center for the Performing Arts. The site is also within walking distance of the DuPont Circle and the historic neighborhood of Georgetown.
The 199-key asset, providing a mix of studios, guestrooms and suites, includes a business center, fitness center and restaurant. The new owner has plans to upgrade the private rooms, restaurant and common amenities.
Savills Studley’s team included Executive Managing Director Marc Magazine and Corporate Managing Director Tom Baker.
“The sales of the Beacon, St. Gregory and St. James properties show the strength of the Washington, D.C. market and the variety of purchasers interested in investing in this region,” said Magazine, in prepared remarks.
Image courtesy of Savills Studley
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