Savills Studley, the leading commercial real estate firm specializing in tenant representation, today announced the sale of the Beacon Hotel and Corporate Quarters in downtown Washington, DC, to a venture between Rockpoint Fund V Acquisitions and Three Wall Capital.
Preceded by the disposition of the St. Gregory and the St. James hotels, this is the third and final sale of a three-property, 550-room portfolio. Led by Marc Magazine and Tom Baker in the Hospitality sector of the firm’s Capital Markets group, Savills Studley represented the seller in all three transactions.
“The sales of the Beacon, St. Gregory and St. James properties show the strength of the Washington, DC, market and the variety of purchasers interested in investing in this region,” said Magazine, executive managing director.
Located at the intersection of 17th Street and Rhode Island Ave., NW, the unique 199-room Beacon Hotel is conveniently located near many of the nation's iconic monuments and institutions, including the White House, The World Bank, George Washington University and more. The business- and family-friendly property is also within walking distance of DuPont Circle and historic Georgetown, and features premier business facilities, a fitness center and a restaurant. The hotel offers a mix of spacious and comfortable studios, deluxe rooms and suites.
The new owners plan extensive renovations to the rooms, food and beverage offerings, and amenities.
The Savills Studley Hospitality team of experts has managed some of the industry’s most complex assignments, including investment sales, operations and portfolio management, and asset advisory. The firm’s integrated global capital markets platform supports a diverse network of specialists in real estate investment, development, funding and financing. The Hospitality group works collaboratively across all regions within the firm’s worldwide network to meet the needs of clients.