With Ballston Hotel Sale, JBG Is Beginning To Sell Off Assets Ahead Of Merger
The JBG Cos has recently signaled that it plans to sell assets to deleverage its portfolio ahead of its proposed merger with New York REIT, and appears to be doing just that.
JBG has sold the Westin Arlington Gateway in Ballston for $97.3M to a JV of the Rockpoint Group and Highgate Holdings, GlobeSt reports.
The sale of the 338-room hotel, at 801 North Glebe Road, comes to $287k per key. The hotel is a decade old, but has recently undergone a major renovation, including adding a ground-floor Starbucks. It's just down the road from Forest City's under-construction Ballston Quarter project.
JBG is also looking to sell the trophy office building it developed at 800 North Glebe Road across the street. It is also looking to unload about a dozen other assets ahead of its controversial $8.4B merger with New York REIT. [GS]
