Savills Studley Negotiates Sale of St. Gregory Hotel in District’s Golden Triangle
McLean, VA (June 17, 2015)
Savills Studley’s Capital Markets National Hospitality Group, led by Marc Magazine, Tom Baker, Justin Magazine and Vikram Shah, is pleased to announce the sale of the St. Gregory Hotel in Washington, D.C., to Hersha Hospitality Trust for $57 million.
“This sale is a major bellwether of what the D.C. market will look like over the next 18 months,” said Marc Magazine, Executive Managing Director of Savills Studley’s Hotel Group. “With sequestration and the threat of government shutdown behind us combined with the imminent change of leadership in the White House (regardless of party), the investment community has noticed and is once again focused on acquisitions.”
Located at the intersection of M Street and 21st Street NW, the 155-room hotel is conveniently located near many of the nation's iconic monuments and institutions, including the White House, The World Bank, George Washington University, The Washington Monument, the Lincoln Memorial and Reflecting Pool, the Jefferson Memorial and more. The family and business-friendly property is also in walking distance of the Kennedy Center for the Performing Arts, Dupont Circle and historic Georgetown and features premier business facilities, parking, fitness center, a restaurant and spacious, comfortable deluxe rooms, studios, and suites. The hotel recently competed a renovation of its rooms in Fall 2014; Hersha Hospitality Trust plans to reposition the hotel’s restaurant, bar and lobby moving forward.
Savills Studley was the sole advisor in the transaction.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.
About Hersha Hospitality Trust
(HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company's 51 hotels totaling 8,259 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company's shares are traded on The New York Stock Exchange-Euronext under the ticker 'HT.'