Berkadia today announced the sale of Georgetown Suites, a hotel portfolio totaling 223 rooms in Washington, D.C. Managing Directors Dan Hawkins and Kyle Stevenson and Associate Director John Kluh of Berkadia’s Hotels & Hospitality group completed the sale on behalf of Maryland-based Georgetown Mews Associates, LP and 29th& K Associates, LP. The deal closed December 22.
The buyer plans to convert the hotels to a multifamily apartment community.
“Since the beginning of the COVID-19 pandemic, hotel to multifamily conversions have been of great interest to all investor types. The Georgetown Suites hotels were originally built as furnished apartments, so the conversion from lodging to multifamily will be rather seamless for the new owners. Moreover, the location speaks for itself as the Georgetown neighborhood of Washington, D.C. is one of the highest barrier to entry submarkets in the region,” said Hawkins.
Located at 1000 29th Street NW, Georgetown Suites Harbor Building offers 80 rooms and was sold fee simple.
Located at 1111 30th Street NW, Georgetown Suites Courtyard Building offers 143 rooms and is currently on a ground lease which terminates in 2052.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.