Union Investment Buys Hotel Development in Washington DC
Date: March 2018
Location: Navy Yard, Washington DC, USA
Name: a Thompson Hotel
No. of Keys: ?
Seller: Gone Yard Hotel Owner, a joint venture between Geolo Capital and JW Capital Partners.
Gone Yard will develop and operate the 12,000 sq. mtrs. property in Navy Yard. Transfer of the hotel will take place upon opening of the 11-storey hotel, which is scheduled for the beginning of 2020.
Buyer: Union Investment, once completed, the project will be added to the portfolio of the open-ended real estate fund UniImmo: Global, Union Investment said.
The hotel will be leased to the joint venture of Geolo, the San Francisco-based private equity investment arm of the John A. Pritzker Family Office; and JW Capital, a Boston-based real estate investment group.
Price: US$120m
THPT Comment: Two Roads Hotels, only started in 2016! and they manage and operate the Alila Hotels & Resorts, Destination Hotels, Joie de Vivre Hotels, Thompson Hotels, and tommie Hotels brands….quite a feat!
Union Investment currently holds 66 hotel properties across 9 national markets in its actively managed funds.
The hotel portfolio is worth a total of EUR3.9bn, with further expansion of the US segment of the portfolio being a strategic priority.