$31.5M in Financing Secured for Club Quarters Washington DC
Rockwood Capital has secured $31.5 million of loan proceeds to facilitate the refinancing of the Club Quarters Washington, D.C., a 161-room full service hotel located two blocks from the White House.
Executive Vice President Mathew Comfort and Vice President Mike Huth led the Jones Lang LaSalle Hotels Real Estate Investment Banking team on the transaction.
Over the last year, the firm has worked closely with Rockwood Capital to refinance three Club Quarters hotels, raising a total of $126.0 million of loan proceeds. In addition to the Washington, D.C. property, the 230-room Club Quarters Rockefeller Center and the 170-room Club Quarters Midtown were also refinanced in 2012. Each asset was financed separately with a different balance sheet lender.
Since 2000, the Washington, D.C. lodging market has, on average, garnered the fifth highest average daily rate (ADR) of any United States lodging market. The CBD submarket has achieved an average occupancy of 71 percent from 1987 to 2011.