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Twenty-five years after buying the historic Riggs National Bank building from Resolution Trust Corp. and turning it into a Courtyard by Marriott, the development team has sold the asset.
Peebles Corp., along with Donohoe Cos. and Penrose Group, has sold the hotel at 900 F St. NW to London-based Global Holdings, an investment firm owned by Israel's Ofer family, the Washington Business Journal reports.
The hotel sold for $83M, about $441K per room, a far cry from the $5M it acquired the distressed asset for in 1992. Eastdil Secured marketed the property for the sellers.
As Peebles sells its first DC hotel, it is developing a 198-room SLS Lux Hotel down the road at 925 5th St. NW, which is expected to deliver in 2019. On the same block, Peebles is also building a 40-unit condo project in a building it bought from Donohoe in 2015.
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