US: Union Investment has acquired a projected lifestyle hotel in Washington D.C.
Union Investment has has announced that it will acquire a Thompson-branded lifestyle hotel development in Washington D.C.
The hotel will be built in Navy Yard. The vendor, developer and future operator of the approximately 12,000 sq m property is Gone Yard Hotel Owner, LLC, a joint venture between Geolo Capital and JW Capital Partners.
Following hotel acquisitions in Boston, Chicago, New York and Seattle, Washington D.C. is now the fifth hotel investment location in the US chosen by Union Investment.
Andreas Löcher, head of Investment Management Hospitality at Union Investment Real Estate GmbH said: “Washington’s Navy Yard is already being seen as a magnet for trendsetters, with strong appeal for residential, office, retail and restaurant uses. The Thompson lifestyle brand is an excellent fit with this location and also with our existing hotel portfolio.”
Union Investment currently holds 66 hotel properties across 9 national markets in its actively managed funds.