WASHINGTON, DC—Cassidy Turley has secured construction financing for a 168-key Hyatt Place hotel that will be developed at 2121 M St., NW. Philip Mudd and Bradley Geiger arranged a $37.4 million loan from United Bank on behalf of Renaissance Centro.
The company secured a permit for the building close to a year ago. The hotel will be an addition to the existing structure that houses Washington Marriott Hotel at 1221 22nd St. NW, according to the permit, which the Washington Business Journal reported on earlier this year.
The nearby competition notwithstanding, the new hotel's location in the West End generated a lot of interest among the lender community, according to Mudd.
This loan was closed by Grossberg, Yochelson, Fox & Beyda, the owner's counsel, with Troutman Sanders representing the lender.
Hyatt Place recently opened in NoMa as well.
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