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Hyatt Centric

ARLINGTON, VA–It is only one week into March and the month is already proving to be a busy period for hotel trades. The latest deal is Sotherly Hotels’ acquisition of the 318-room Hyatt Centric Arlington for $79.7 million. As a part of the transaction, Sotherly closed on a $57 million first and second mortgage with Fifth Third Bank to partially fund the acquisition. It also secured a new franchise agreement with Hyatt Hotels Corp.

This deal follows the trade of the Beacon Hotel at the start of the month to a venture between Rockpoint Fund V Acquisitions and Three Wall Capital.

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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.

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