Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M
WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million.
Located at 415 New Jersey Ave., the property 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. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center.
The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C.
Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition.
Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April 4, 2019, down from $34.09 one year ago.
Metrovest is a real estate investment and development firm owned by George Filopoulos. Manhattan-based BLDG Management is a privately held real estate investment and management company. It mainly operates a portfolio of residential buildings, but has also invested in several hotel properties, including the Gurney’s Resorts.
— Kristin Hiller