Washington DC boutique hotel sells for $17.1 million

George Sell George Sell Uploaded 07 September 2012


US: The Eldon Luxury Suites hotel in Washington DC has been sold to Grasshopper Hospitality for $17.1 million.

The company acquired the 50-room hotel, in the city's Shaw neighborhood, on from Independence Management of Delaware Inc, which stood to lose the hotel at a scheduled foreclosure auction. The purchase price represents around $342,000 per room.

Donohoe Hotel Brokerage brokers Bill Moyer and Charlotte Seale represented the buyers, who formed Grasshopper Hospitality LLC specifically to acquire the property.

Individual members of the buying group were not disclosed. Through affiliates, it also owns other hotels in Washington DC, including the Baron Hotel, the Windsor Inn, and the Embassy Inn.

Donohoe also represented the group in its acquisition of the city's District Hotel, which was also facing foreclosure at the time. An affiliate of the group, Cherry Blossom Hospitality, paid $8.4 million, or about $137,900, for that 58-room hotel.



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