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Here’s How the Foggy Bottom Hotel Trade Was Financed

WASHINGTON, DC--Westmont Hospitality and Varde Funds secured a floating-rate loan to buy the University Inn.

The University Inn. Photo by Google Streetview The University Inn. Photo by Google Streetview

WASHINGTON, DC–A codicil to last week’s story about the sale of the University Inn in Foggy Bottom: Natixis provided a $25 million floating-rate loan to the buyers, a joint venture between Westmont Hospitality and Varde Funds. The loan is for the acquisition and renovation of the hotel.

Westmont Hospitality Group and Varde Partners acquired the 95-room hotel, located at 824 New Hampshire Ave. NW, from George Washington University.  The price was not announced, however a source told GlobeSt.com that The University Inn traded for $30.5 million, give or take.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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