It’s Go Time for DC Hotels
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Marc Magazine, executive managing director of Savills Studley’s Hotel Group
WASHINGTON, DC—Signs are proliferating that the DC hotel market is on an upswing. There was last week’s sale of the St. Regis in Washington, which we reported yesterday, and last month’s purchase agreement by Hersha Hospitality Trust to buy the 155-room St. Gregory Hotel & Suites for $57 million.
As far as Marc Magazine, executive managing director ofSavills Studley’s Hotel Group, is concerned the upward trajectory for the DC area’s hotel market had become clear before these deals. After a few quiet years of here-and-there activity, this asset class has regained momentum.
When the St. Gregory traded, a deal on which Savills Studley advised, Magazine called it a bellwether transaction…
