Washington, DC

Xenia Hotels & Resorts sold the 300-room hotel for $427,000 per key.

The hotels sold are Park Central San Francisco and Park Central New York/WestHouse New York, Gild Hall, New York and the Embassy Suites Philadelphia Center City.

The 132-unit building will also have 16,000-square feet of street level retail.

The transaction represents the 24th medical office building transaction for Montecito in 2018.

The REIT has the Warner building under contract and it has also sold and office-and-lab portfolio in Rockville, Md.

It's a formula for success, says RPAI's Matt Beverly as the REIT works the plan that focuses on owning the right real-estate.

This is the largest ever single-asset student trade in the United States.

For the past four years, BREG invested in substantial capital improvements and implemented an active management plan to convert the property from standard office zoning to its current medical office status.