WASHINGTON, DC—The Hilton Garden Inn, a limitedservice hotel located in NoMa's Constitution SquareDevelopment, is trading hands, a source tells GLobeSt.com.Magna Hospitality Group, a private company inWarwick, RI, is acquiring the property for $42.3 million, or$207,353 per key. The hotel also has some 2,583 square feet ofmeeting space.

OTO Development is the seller.

Tis apparently the season for hotel deals in DC, normally arelatively quiet market for this asset class. Earlier this week wereported a rumor that Park Hyatt Washington is trading for $100 million, or$462,963 per key. Also, Strategic Hotels & Resortsclosed on a $120 million limited recourse loan securedby its Four Seasons Washington DC hotel. This story was firstreported in Bisnow.

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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.

Washington, DC