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German fund manager to buy hotel development in Washington, DC, for $120M

German fund manager Union Investment agreed to buy a Thompson-branded lifestyle hotel development in Washington, D.C., from Gone Yard Hotel Owner, a joint venture between Geolo Capital and JW Capital Partners, for roughly $120 million, IPE Real Assets reported.

The transfer of the 12,000-square-meter hotel will occur at its opening, expected in early 2020. The joint venture will lease, develop and operate the 11-story hotel in the Navy Yard district, the publication noted.

According to a company release, Thompson D.C., the planned development, will include 225 rooms and 4,000 square feet of flexible meeting and event space, among other amenities.