D.C. hotel sells for $310m
Oaktree Capital Management and Clearview Hotel Capital are in contract to acquire the Hilton Washington hotel in Washington, D.C. The sellers are Lowe Enterprises and Canyon-Johnson Urban Fund, managed by Canyon Partners. Eastdil Secured represented the sellers.
According to Real Capital Analytics, the sales price is $310 million, which is an increase from the $290 million price the sellers paid in 2007.
The Hilton Washington hotel comprises 1,119 rooms. It underwent $150 million in renovations.
The Washington, D.C., hotel sector experienced a drop in sales volume during first quarter 2016, according to RCA. Only one hotel was sold, for $106.5 million, a significant drop compared with the $276 million in sales activity during fourth quarter 2015. But thus far this quarter, five hotel sales have been announced, totaling more than $713 million, making it the highest quarterly sales volume in recent years.
The U.S. hotel market’s transacti