Waterford has assumed management of eight hotels previously operated by Waterton. The properties that were transitioned total more than 1,600 guest rooms in Ohio, Illinois and Massachusetts; six of which are full service hotels.

The cap rate spread between Phoenix and California multifamily is 75 to 100 basis points, and it is driving investment capital south.

Pebblebrook is the fifth tenant to commit to 4747 Bethesda Ave., and the fourth to make the building its headquarters location.

The LEED-certified building was developed as a build-to-suit in 2010 for the FBI and was designed and built according to specifications of the Government Services Administration.