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After buying a Georgetown office building in November, Qatari-backed Alduwalia Asset Management has made its second DC buy, a Mount Vernon Triangle hotel.
The investment firm bought the recently built Homewood Suites at 465 New York Ave. NW from an affiliate of Magna Hospitality Group for $50.4M, the Washington Business Journal reports.
The 160-room hotel opened in May 2016 and sold for $315k per key. It sits just three blocks from the Walter E. Washington Convention Center.
Alduwalia's first DC acquisition came when it bought 1025 Thomas Jefferson St. NW from The JBG Cos. for $142M in November. The UK firm, backed by a wealthy Qatari family, represents the latest surge of Qatari Capital into DC, which began when the state-run Qatari Investment Authority invested $700M into CityCenterDC.
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