A joint venture (JV) of U.S. real estate investment and development firm Metrovest Equities Inc. and peer BLDG Management Co. has acquired a 343-room hotel in Washington, D.C.
The JV bought the hotel from U.S. real estate investment trust company Pebblebrook Hotel Trust for $111 million
Pebblebrook intends to use the proceeds from the deal for general business purposes including reducing its outstanding debt.
Miami-based law firm Greenberg Traurig represented the joint venture in the transaction.