Bisnow Scoop: NoMa Hotel Sale
NoMa was DC's hotel haven on Friday. One shiny new property opened its doors, while another traded for over $40M. (Meanwhile, a mysterious German stayed in our house via Airbnb. So big day all around.)
First up: the sale. Bisnow has learned that OTO Development (here's CEO Corry Oakes with former colleague Gary Goodweather at a past Bisnow event) has sold the 204-key Hilton Garden Inn on First Street NE for $42.3M to Rhode Island-based Magna Hospitality. The deal closed Friday afternoon, according to DC public records. It delivered in 2011, the second hotel in the neighborhood (following the Courtyard by Marriott); it serves as the hospitality portion of the massive Constitution Square. Market sources tell us Magna, which owns hotels in the US and Canada (but focuses on the East Coast), has actually been involved with the project for several years and was a general partner during construction.
Foodies may know the Hilton Garden Inn as that building on top of Todd Gray's Watershed restaurant. The sale comes on the heels of the Friday opening of the District's first Hyatt Place on New York Ave, down the street from the Hilton. That 200-room hotel was developed by JBG and is managed by Crescent Hotels & Resorts.
