Geolo Capital Completes $120M Sale Of DC Hotel | GlobeSt
The Thompson Washington DC WASHINGTON DC – The private equity investment group, Geolo Capital has completed the sale of a new hotel in Washington DC. The Thompson...
- Jan 23, 2020
Courtesy: Ingrid Tunberg / News Source: globest.com
The Thompson Washington DC
WASHINGTON DC – The private equity investment group, Geolo Capital has completed the sale of a new hotel in Washington DC. The Thompson Washington DC sold to the German institutional partner, Union Investment in a $120 million transaction.
The 225-room hotel is located in the 42-acre, historic, mixed-use development, Navy Yard, which is situated within the city’s Capitol Riverfront neighborhood. The hotel offers three restaurant and bar concepts and features more than 7,000 square feet of indoor and outdoor space for meetings and events.
The hotel, which will continue to be operated as a Thompson hotel, serves as the luxury lifestyle hospitality brand’s newest East Coast destination and its first property in Washington DC.
The Thompson Washington DC opened on January 8, 2020, upon a three-year development process executed by Geolo Capital, in partnership with Boston-based, JW Capital Partners.
The joint-venture partners will retain a significant economic interest in the hotel as a long-term tenant. The partnership will lease the property back from Union Investment, and will additionally oversee the asset’s management.
The prearranged deal was planned more than two years prior to the hotel’s completion.
Bank OZK provided construction financing to JW Capital Partners and Geolo. The hotel’s architecture and interior design was completed by Studios Architecture and Parts and Labor Design NYC. The project’s preconstruction and general contracting services were provided by John Moriarty & Associates of Virginia.
San Francisco-based, Geolo Capital handles a multi-billion-dollar portfolio of projects comprising ground-up developments, complex adaptive-reuse projects and historical restorations. Founded in 2005, the private equity investment division of the John Pritzker family office, creates and invests in consumer-focused companies across the four industries of real estate development, hospitality, investment and lifestyle.
Union Investment, based in Hamburg, Germany, offers a comprehensive investment platform to private and institutional property investors, worldwide. The company currently manages a portfolio of 400 commercial properties throughout 23 countries.
JW Capital Partners is a real estate investment group that specializes in acquiring and developing hospitality and multifamily assets throughout the Boston and Washington DC markets.
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