Jones Lang LaSalle
REIT Buys Washington, DC Melrose Hotel for $76M
by JT Redmon
The Highland Hospitality Corp. of McLean, VA acquired the Melrose Hotel in Washington, DC for $76 million, or nearly $316,700 per room. It has an average occupancy calculated at 70%. The lodging REIT has opted to use Crestline Hotels & Resorts Inc. to manage the property, which will be marketed as an independent hotel. Purchased from Bristol Hotel Investors LP, this acquisition gives Highland Hospitality Corp. a total of 7,621 rooms in 12 states, the District of Columbia and Mexico. The 240-room hotel, at 2430 Pennsylvania Ave. NW in the District's West End, between Georgetown and the Foggy Bottom Metro station. The Washington, DC office of Jones Lang LaSalle represented the seller while the buyer had no broker.
REIT Buys Washington, DC Melrose Hotel for $76M
by JT Redmon
The Highland Hospitality Corp. of McLean, VA acquired the Melrose Hotel in Washington, DC for $76 million, or nearly $316,700 per room. It has an average occupancy calculated at 70%. The lodging REIT has opted to use Crestline Hotels & Resorts Inc. to manage the property, which will be marketed as an independent hotel. Purchased from Bristol Hotel Investors LP, this acquisition gives Highland Hospitality Corp. a total of 7,621 rooms in 12 states, the District of Columbia and Mexico. The 240-room hotel, at 2430 Pennsylvania Ave. NW in the District's West End, between Georgetown and the Foggy Bottom Metro station. The Washington, DC office of Jones Lang LaSalle represented the seller while the buyer had no broker.
posted by Jones Lang LaSalle NJ News Blog at 12:18 PM
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