Buyer Plans Renovation and Repositioning As An Independent Upscale, Boutique Property
Savills Studley’s Capital Markets National Hospitality Group, led by Marc Magazine, Tom Baker, Justin Magazine, is pleased to announce that it has arranged the sale of the University Inn, a 95-room hotel at 824 New Hampshire Ave. NW in D.C.’s Foggy Bottom neighborhood. The buyer was Houston-based Westmont Hospitality Group and Varde Partners.
Savills Studley represented the seller, George Washington University, in the transaction. The transaction officially closed on December 8, 2016.
Located just one block from the Foggy Bottom Metro and two blocks from George Washington University and the Kennedy Center, the hotel includes a mix of studios and suites, as well as an on-site restaurant, Notti Bianche, on the ground floor. Built in the early 1960’s and renovated in 1996, George Washington University has owned the property since 1994, and was operated by D.C.-based management company, Modus Hotels. Following the closing of the sale, new ownership plans to complete a renovation project and reposition the hotel as an independent upscale boutique property.
“The University took advantage of the strong interest from national investors in the D.C. market to execute this sale,” Magazine said. “When the renovation is complete, this will bring a unique hospitality experience to the Foggy Bottom area.”
The sale of the George Washington University Inn is one of many significant investment sales arranged by the Savills Studley Hotel Group in the Washington, D.C.-metropolitan area in recent months. The firm recently arranged the sale of the St. Gregory Hotel at 2033 M Street, NW, and the former St. James Hotel at 24th and K Streets NW.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across
all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services.With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visitwww.savills-studley.com and follow us on LinkedIn and Twitter @SavillsStudley.
About Värde Partners
Värde Partners is a $12 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, residential mortgages, specialty finance, transportation and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 240 people with main offices in Minneapolis, London and Singapore and additional offices around the world. For more information, visit varde.com.
About Westmont Hospitality Group
A private company established in 1978, Westmont Hospitality Group (“Westmont”) has developed an exceptional track record of making opportunistic real estate investments on a global basis with assets under management in excess of $5 billion.Westmont has grown one of the largest private hotel operating and asset management companies in the world. The company currently owns and operates 413 properties containing over 64,000 rooms in 12 countries and three continents. Westmont’s principal offices are located in New York, Houston, Toronto, London, Singapore and Tokyo.
