Hersha Hospitality Trust has acquired the St. Gregory Hotel & Suites south of Dupont Circle for $57 million, its third hotel in D.C.
Hersha closed Tuesday on the 155-room hotel at 2033 M St. NW for about $368,000 a room. An affiliate of St. James Associates, the company that converted the former office building to hotel space, was the seller...
Savills Studley broker Marc Magazine, who represented the seller, said he hopes the deal will serve as "a major bellwether of what the D.C. market will look like over the next 18 months" as Washington's hospitality industry recovers from a slump set in by factors like sequestration. Savills Studley brokers Tom Baker, Justin Magazine and Vikram Shah were also part of the team representing the sellers...Dupont Circle hotel sells for $57 million; new owner plans to upgrade restaurant, lobby
Related StoriesEB-5 Investment and the Impact on Commercial Real Estate
National Office Sector Report (Q4 2014)