MCLEAN, VA—Savills Studley’s Capital Markets National Hospitality Group, led by Marc Magazine, Tom Baker, Justin Magazine and Vikram Shah, negotiated the sale of the St. Gregory Hotel in Washington, DC, to Hersha Hospitality Trust for $57 million.
“This sale is a major bellwether of what the DC market will look like over the next 18 months,” said Marc Magazine, executive managing director of Savills Studley’s Hotel Group. “With sequestration and the threat of government shutdown behind us, combined with the imminent change of leadership in the White House (regardless of party), the investment community has noticed and is once again focused on acquisitions.”
Located at the intersection of M St. and 21st St. NW, the 155-room hotel is located near many of the nation’s iconic monuments and institutions, including the White House, The World Bank, George Washington University, The Washington Monument, the Lincoln Memorial and Reflecting Pool and the Jefferson Memorial. The property is also in walking distance of the Kennedy Center for the Performing Arts, Dupont Circle and historic Georgetown, and features business facilities, parking, a fitness center, a restaurant. It features deluxe rooms, studios and suites.
The hotel recently competed a renovation of its rooms in fall 2014; Hersha Hospitality Trust plans to reposition the hotel’s restaurant, bar and lobby moving forward.
Savills Studley was the sole advisor in the transaction.