Spanish Firm Buys Downtown Hotel: The D.C. Deal Sheet
The St. Gregory hotel in D.C.'s West End traded hands this week.
The 156-room hotel at 2033 M St. NW, including restaurant Ellington Park Bistro, was purchased by Barcelona-based Eurostars Hotels Co., according to deed records and a release from the law firm that represented the buyer, RC Law.
The seller was an affiliate of Philadelphia-based HHM Hotels, deed records show.
The price recorded for the sale was $29.5M, but for hotels, the price in deed records often doesn’t reflect the full transaction value, as it doesn't include fixtures and furnishings included in the transaction.
A separate document shows that Eurostars received a $30.5M loan from The Compañía Española de Financiación del Desarrollo for the acquisition.
Hersha Hospitality Trust purchased the hotel in 2015 for $57M. The REIT was taken private in 2023.
The St. Gregory sits across the street from 2100 M St. NW, the vacant building Post Brothers was planning on turning into an office building before it was handed back to the lender at a foreclosure auction last month.
HHM, Grupo Hotusa and Eurostars didn't respond to requests for comment. The release said the acquisition is Eurostar’s third in a year, following hotel purchases in Boston and Miami Beach.
LEASES
The Capitol Crossing mixed-use development landed 30K SF of new leases this summer, JLL, which represents the ownership, announced. Government relations firm Lewis-Burke Associates signed a new 21K SF lease and plans to move into the property next summer. Lobbying firm Strategic Marketing Innovations inked a deal to expand its space by 10K SF to a total of 23K SF. The development is owned by Capitol Crossing Advisors and is planned to total 2.2M SF at full build-out, but the next phase has been put on ice, with the developer telling the D.C. Zoning Commission in April that there was “no demand for new office or retail space at Capitol Crossing at this time.”
JLL’s Nathan Beach and Evan Behr represented Capitol Crossing Advisors on the deals. Transwestern’s Eric West and Tyler Marshall represented Lewis-Burke Associates, and Genau Group’s Victor D’Ambrosia and Fletcher Gill represented SMI.
SALES
Singapore-based Mapletree has offloaded a six-warehouse portfolio totaling more than 500K SF in Upper Marlboro along Route 301. The company sold the warehouses at Collington Industrial Park to Pennsylvania-based Equus Capital Partners for $102.6M, it announced. The buildings range from 47K SF to 151K SF. It is Mapletree’s third U.S. warehouse portfolio sale this year. Cushman & Wakefield’s Jonathan Carpenter, Jim Carpenter, Graham Savage, Dawes Milchling and James Check represented Mapletree.
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Seattle-based Tourbineau Real Estate Partners purchased a 96K SF vacant Downtown Silver Spring office building for a self-storage conversion, the Washington Business Journal reported. RMR Group sold the property at 801 Roeder Road for nearly $4.3M after purchasing it for $18.3M in 2012. Tourbineau's Ben Wong told Bisnow in July that the firm had a Silver Spring building under contract, part of its nationwide self-storage conversion strategy.
MILESTONES
True Ground Housing Partners began construction this week on a 423-unit affordable apartment building in Crystal City. The Sweeney is the first phase of the mixed-income Crystal House project and is expected to deliver in early 2028. The deal was executed through a public-private partnership. In 2020, Amazon’s Housing Fund provided the Washington Housing Conservancy with financing to acquire the site. Amazon then donated the development rights to Arlington County for affordable housing development.
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Comstock opened the new J.W. Marriott at Reston Town Center this week. The 247-room hotel is the first J.W. Marriott in Virginia. It features three dining concepts and 40K SF of meeting and event space, including a nearly 12K SF ballroom. The hotel occupies 12 stories in the building below six floors of condo units. It is part of the second phase of Reston Station, which also includes two office buildings, an apartment tower and retail.
FINANCING
The owner behind a 272K SF office building at 810 7th St. NW is undertaking a more than $40M repositioning as CBRE markets the entire building for lease. IGIS Asset Management has owned Gallery Court for just over a decade. The renovations, expected to deliver in the second quarter of 2026, include a 6K SF penthouse addition and lobby revamp. The asset is entering the leasing market for the first time in two decades after a long-term lease with the Department of Justice. CBRE’s Mark Klug, Emily Eppolito and Dimitri Hajimihalis will lead the leasing campaign.
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The owners of a 203-room NoMa hotel secured a refinancing deal. Trammell Crow Co. and MetLife Investment Management received a $53M three-year, floating-rate loan from Peachtree Group to recapitalize the Morrow Hotel, broker JLL announced. The hotel, which operates under Hilton's Curio Collection brand, opened in November 2022 and is part of the ownership’s larger mixed-use development near the NoMa Metro station. JLL’s Kevin Davis, Mark Fisher, Connor Medzigian and Malia Buljat were on the financing team.
CORRECTION, SEPT. 22, 10:15 A.M. ET: Lewis-Burke Associates is a government relations firm, not a law firm, as a previous version of this story indicated. It has been updated.
