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Article Posted on July 23, 2015 by LodgingMagazine.com
WASHINGTON, D.C.—Atlanta-based Songy Highroads, LLC sold the 164-room Hyatt Place D.C./Downtown/K Street located in Washington, D.C., to RLJ Lodging Trust for $68 million. At approximately $415,000 per key, the sale sets a high-water mark for select-service hotels in the Washington, D.C., market.
The Hyatt Place is located at 1522 K St. NW, within walking distance of the three Metro stations, the White House, and other attractions. Songy Highroads purchased the 11-story, 91,000-square-foot former office building in 2013 and converted it into a hotel.
Since opening in late April, Hyatt Place D.C./Downtown/K Street has experienced success, driven by strong hotel demand citywide from corporate and convention visitors. The hotel features the 24-hour Gallery Restaurant, a 24-hour fitness center, and a custom-built, rooftop event space.
“Hyatt Place’s reputation among consumers and investors as well as the hotel’s location right in the heart of D.C.’s tourist and government district has made it a sought-after asset,” said David Songy, CEO of Songy Highroads. “When unexpectedly approached with an attractive offer for the Hyatt Place, we considered it an optimum time to realize a premium return on our investment. RLJ knows the D.C. market well, and with the help of Aimbridge Hospitality, which will remain the hotel’s operator, we are confident they will see great continued success with this hotel.”
Songy Highroads will continue to look at hotel and office investment opportunities in the Washington, D.C., market and elsewhere in the Sunbelt. The company already is developing two more Hyatt hotels in Houston’s booming Galleria submarket, the 325-room Hyatt Regency Houston Galleria and the 156-room Hyatt Place Houston Galleria. Both hotels are slated to open by the fourth quarter of this year.
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