GWU Sells 95-Room Hotel To Houston-based Westmont Hospitality
Westmont Hospitality appears to be the buyer of George Washington University's 95-room hotel at 824 New Hampshire Ave NW, above.
The university sold the property for $30.5M to Houston-based Westmont Hospitality, which will likely renovate the property, the Washington Business Journal reports.
Modus Hotels has managed the property, which the university has owned since 1994. The Westmont asset management director listed as the buyer is responsible for Red Roof Inns, a possible indication of the buyer's plans.
Westmont's loan for the property included $6.1M for construction and renovation, although it remains unclear what the buyer's plans for the property are. In 2014, the Houston-based firm bought the Park Hyatt hotel in the West End for $94.6M from Hyatt Equities.
GWU sold another property back in August when Urban Investment Partners bought the former dorm that was previously the Howard Johnson hotel involved in the Watergate scandal. The developer plans to turn it into a 200-unit apartment building with a $44M renovation. [WBJ]
