GW is searching for a real estate investor to purchase or lease the One Washington Circle Hotel property as the space enters its last semester as a residence hall this spring.
The University, which has owned the building since 2001, repurposed the site from a hotel to a temporary residential building for juniors and seniors while Thurston Hall remains under reconstruction until its targeted reopening next fall. Officials said in a release Wednesday that they hope to complete a transaction by the summer, and Savills – a property advisory firm – will help the University find a real estate investor or developer.
Savills has collaborated with GW in the past, assisting with the University’s sale of the 824 New Hampshire Ave. property in 2016.
Bruno Fernandes, the vice president of finance and treasurer, said the One Washington Circle property is not central to the University’s academic mission, despite serving as a “valuable investment” in the past.
“The current state of the capital markets and the demand for multifamily and hotel properties in Washington, D.C. renders this a perfect time to market the property and explore a sale or ground lease of this asset in support of our broader academic goals,” he said in the release.
GW has operated the hotel with third-party companies, like Modus Hotels – a hotel development company until this fall.