DiamondRock Sells D.C. Hotel For $92M

Bethesda-based hospitality REIT DiamondRock Hospitality Co. has offloaded a downtown D.C. hotel it acquired in 2012.

Google Maps

The 410-room Westin Washington, D.C. City Center hotel at 1400 M St. NW traded for $92M, DiamondRock announced Thursday. It didn't disclose the buyer, and the sale hasn't been posted in D.C. deed records as of this afternoon.

The price tag comes out to $224K per room, and the deal represents a 7.5% capitalization rate on its 2024 net operating income, according to DiamondRock. It said the property's NOI last year was $6.9M.

— Emily Wishingrad

Today's Rundown

New Vitality Fund Recipient: Consulting firm Pallas Advisors is the latest recipient of the city’s $10M fund that aims to incentivize target companies to stay in, expand in or relocate to D.C. while bringing in new jobs. Pallas is moving to 888 17th St. NW, nearly doubling its footprint in the city to 11K SF. The company has 29 employees and plans to add 45 new jobs over the next five years. Mayor Muriel Bowser attended its ribbon-cutting Thursday. Read more.

Federal Firings Pushback: A new lawsuit today from several of the country’s largest federal employee unions says the Trump administration’s moves last week to fire thousands of probationary employees — those who are less than a few years into their positions — were unlawful. Read more.

What Else Is Happening?

Behind California Forever's Silicon Valley-Backed Push To Build A New City For The Future

Manufacturing Demand Surges As Biden's Spending Meets Trump's Tough Talk

Forever 21 Reportedly In Talks With Liquidators

Equinix Faces Another Fraud Suit After Judge Allows First To Proceed

The Finish Line

The last 24 hours have seen two major deals announced in D.C.’s residential brokerage sector.

First, Compass announced yesterday afternoon it acquired Washington Fine Properties in a deal that creates a D.C.-area brokerage giant with over $11B in annual sales volume, according to the Washington Business Journal. Then today, D.C.-based Urban Pace announced its president, Clint Mann, acquired the firm from Long & Foster and formed a strategic partnership with San Francisco-based Polaris Pacific.

The D.C. Rundown is written by D.C. Reporter Emily Wishingrad and edited by Deputy East Coast Editor Jon Banister. We'd love your feedback and news tips: emily.wishingrad@bisnow.com and jon.banister@bisnow.com.

www.bisnow.com

123 William St, Suite 1505, New York NY 10038 Newsletter Approval Code: 84040

Unsubscribe | Unsubscribe from All | About | Contact


	You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships. The views and opinions expressed in advertisements throughout this publication (digital ads and orange text links) are those of the advertiser and do not necessarily reflect the views and opinions of Bisnow. Some ads may contain affiliate links from which Bisnow may receive a small fee.