A Charlotte-based hotel investment company reacquired one of its former properties at roughly half the price it sold the building for less than a decade ago.
Lodging Property Trust bought the Hilton Alexandria Old Town in Alexandria, Virginia, for $58 million in an all-cash deal, Bisnow reported. The sale of the 252-key hotel, located less than a half hour outside of the nation’s capital, was disclosed in a Securities and Exchange Commission filing by seller Ashford Hospitality Trust.
The deal works out to roughly $230,000 per room. HREC Investment Advisors’ Scott Stephens and Mark Morris arranged the deal on behalf of Ashford…