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Rockpoint Group Closes on D.C.'s Beacon Hotel

Lipnick Construction Sells Final Piece of 3-Property Hotel Portfolio to Rockpoint Group, Three Wall Capital
March 5, 2018
The Beacon Hotel and Corporate Quarters in downtown Washington, D.C. has a new owner.

Rockpoint Group, out of Boston, in a joint venture with New York City-based Three Wall Capital, reportedly paid approximately $68 million to acquire the 199-key hotel located at 1615 Rhode Island Ave. NW in the city's central business district.

Built in 1963, the nine-story boutique hotel offers studio, deluxe rooms and suites, as well as business facilities, a fitness center and the Beacon Bar & Grill. Under the new owners, the property will undergo a capital improvement program that will include renovations to guestrooms, food and beverage offerings and amenities.

The Beacon Hotel and Corporate Quarters is the final piece of a three-property, 550-room hotel portfolio sold by local firm Lipnick Construction, which also included the St. Gregory and St. James hotels.

Marc Magazine and Tom Baker of Savills Studley Capital Markets' hospitality group brokered all three sales for Lipnick Construction.

For more information on the Beacon Hotel deal, please see CoStar COMP #4151528.
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