Washington DC — Cronheim Hotel Capital (CHC) has secured $42,312,500 for the acquisition of the 182-key Cambria Hotel Washington DC. Convention Center. The Cambria was developed by Concord Hospitality in 2014 and offers oversized, modern guest rooms, a convenient location just one block from the convention center and an expansive rooftop with excellent views over the city.
The Sponsor, Frontier Development & Hospitality Group, is based in Washington DC and is planning a comprehensive renovation and rebranding of the asset to a Hyatt House flag.
David Turley, president of CHC, noted: “The Sponsor identified a great asset with a huge amount of potential that many others had overlooked. A big part of our process was ensuring we clearly communicated the asset’s potential and the unique aspects of the deal in order to secure the best financing terms available.”
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