WASHINGTON, DC—The Hilton Garden Inn, a limited service hotel located in NoMa's Constitution Square Development, is trading hands, a source tells GLobeSt.com. Magna Hospitality Group, a private company in Warwick, RI, is acquiring the property for $42.3 million, or $207,353 per key. The hotel also has some 2,583 square feet of meeting space.
OTO Development is the seller.
Tis apparently the season for hotel deals in DC, normally a relatively quiet market for this asset class. Earlier this week we reported a rumor that Park Hyatt Washington is trading for $100 million, or $462,963 per key. Also, Strategic Hotels & Resorts closed on a $120 million limited recourse loan secured by its Four Seasons Washington DC hotel. This story was first reported in Bisnow.
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