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.

The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.

The appetite for lending on hotels in general has cooled over the past year with banks tightening up underwriting standards and offering lower levels of leverage.

Google

The new ownership plans to renovate and reposition the hotel as an independent upscale boutique property.

The appetite for lending on hotels in general has cooled over the past year with banks tightening up underwriting standards and offering lower levels of leverage.

Instant Insights /

Here's How the Foggy Bottom Hotel Trade Was Financed

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