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WASHINGTON, DC-Bethesda, MD-based Pebblebrook Hotel Trust has closed on its pending acquisition of Hotel Monaco in the District. As reported earlier, the acquisition is priced at $74 million.

That comes as little surprise to industry watchers: after a dearth of nearly two years of deals, a recent flurry of acquisitions have established the $400,000 per key price point as a floor for full service hotels. LaSalle Hotel Properties’ $95-million acquisition of Sofitel Lafayette Square kicked off the activity.

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