NATIONAL REPORT—Hotels are changing hands across the country. Here’s a closer look at the recent hotel sales in Washington, DC; Connecticut; and Wisconsin.
Geolo Capital Closes on Sale of Thompson Washington, DC
RobertDouglas has advised a joint-venture between Geolo Capital and JW Capital Partners in arranging the forward-sale of the Thompson Washington, DC to Union Investment, a German institutional fund manager, for $120 million.
Developed over three years in partnership with Boston-based JW Capital Partners, the 225-room Thompson Washington, DC opened in the Navy Yard, a destination for nightlife, dining and shopping in Washington, DC’s Capitol Riverfront neighborhood.
The sale to Union Investment marks the realization of a transaction that was arranged more than two years in advance of the hotel’s completion. Bank OZK provided construction financing to JW Capital Partners and Geolo. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson hotel.
HREC Arranges Sale of the Residence Inn Hartford Avon, CT
HREC Investment Advisors has arranged the sale of the 100-room Residence Inn Hartford Avon located in Avon, CT. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led Ketan Patel, managing director in the Washington, DC office; Jim O’Connell, principal in the Boston office; and Mark von Dwingelo, affiliate broker in the Connecticut office.
The town of Avon is a suburb of Hartford with the majority of corporate business stemming from the Avon Center Business Park and nearby tenants Legere Group, Baxter Healthcare and The Hartford Financial Services Group.
Base Hospitality Group Acquires Hotel Mead in Wisconsin Rapids
Milmark Hotel/Motel Investments LLC, a member of Hotel Brokers International, has arranged the sale of the Hotel Mead in Wisconsin Rapids, WI. Hotel Mead is a 150-key, full-service independent hotel. SKD Hotel Mead LLC sold the property after operating it for the past seven years.
Founders Collection 2 LLC, part of Base Hospitality Group, purchased the property. Milmark, a licensed Wisconsin and Illinois brokerage, represented the seller in the sale. Jennifer Church, president of Milmark, worked closely with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale.