RobertDouglas Advises Geolo Capital and JW Capital Partners on the $120,000,000 Sale of the Thompson Washington, D.C.
RobertDouglas announced today that it advised a joint-venture between Geolo Capital and JW Capital Partners in arranging the forward-sale of the Thompson Washington, D.C. to Union Investment, a German institutional fund manager, for $120,000,000.
"The opportunity to participate in the development of the Thompson Washington, D.C. attracted a wide range of investment options. Ultimately, Union Investment offered the most attractive structure though a sale-leaseback," commented Evan Hurd, Principal and Managing Director. "Although the sale-leaseback model is commonplace in most European markets, it is still relatively unique in North America. We expect it to continue to gain traction by offering an attractive option for developers."
The 225-room Thompson Washington, D.C. is Washington D.C.'s newest luxury hotel and is located in the heart of the Yards, a 42-acre waterfront development at the center of Capitol Riverfront's Navy Yard neighborhood. One of the city's most exciting and dynamic submarkets, Capitol Riverfront is home to the Nationals Park professional baseball stadium and features 6.2 million square feet of office space, 10,000 residential units, and nearly one million square feet of retail. The Thompson Washington, D.C. is designed to be a social anchor for the neighborhood, joining dozens of specialty retailers, restaurants, high-end residences, and cultural attractions.
"Washington, D.C. is one of the most sought-after lodging investment markets in the country, driven by market-wide RevPAR rankings among the highest in the nation and a long-term track record of consistent growth. The combined strength of the exceptional sponsorship team and the burgeoning Navy Yard submarket resulted in a high degree of interest from a diverse group of well-qualified investors," said Doug Hercher, Principal and Managing Director.