WASHINGTON, DC—Berkadia has revealed the sale of Georgetown Suites, a hotel portfolio totaling 223 rooms in Washington, DC. Managing Directors Dan Hawkins and Kyle Stevenson and Associate Director John Kluh of Berkadia’s Hotels & Hospitality group completed the sale on behalf of Maryland-based Georgetown Mews Associates LP and 29th & K Associates LP. The deal closed Dec. 22. The buyer plans to convert the hotels to a multifamily apartment community.
“Since the beginning of the COVID-19 pandemic, hotel-to-multifamily conversions have been of great interest to all investor types,” said Hawkins. “The Georgetown Suites hotels were originally built as furnished apartments, so the conversion from lodging to multifamily will be rather seamless for the new owners. Moreover, the location speaks for itself as the Georgetown neighborhood of Washington, DC is one of the highest barrier to entry submarkets in the region.”
Located at 1000 29th St. NW, Georgetown Suites Harbor Building has 80 rooms and was sold fee simple. Located at 1111 30th St. NW, Georgetown Suites Courtyard Building has 143 rooms and is currently on a ground lease which terminates in 2052.