Rockpoint Group Buys Downtown D.C.'s Beacon Hotel For $60M
Capital Hotels & Suites has sold the third and final property in its D.C. hospitality portfolio.
Boston-based Rockpoint Group and Three Wall Capital acquired the 199-room Beacon Hotel at 1615 Rhode Island Ave. NW. The deal closed for $300K/room, or roughly $59.7M, according to a source involved in the deal.
The deal, first reported by the Washington Business Journal, represents an exit from the market for Capital Hotels, an independent hotel group whose owners decided to retire. The group previously sold the St. James hotel near George Washington University and the St. Gregory in the West End.
Savills Studley Executive Managing Director Marc Magazine and Corporate Managing Director Tom Baker represented Capital Hotels in all three deals. The three-hotel portfolio totaled 550 rooms.
Rockpoint made the acquisition through its Rockpoint Fund V, a $3.3B fund that closed in 2016. The investor has also acquired two Tysons office buildings, Westwood Metro Tower and the Shenandoah Building, since 2016. New York-based Three Wall Capital owns hotels in Manhattan, Brooklyn, Connecticut, New Jersey and Bermuda.
