Lima Hotels plans to develop a 14-story building on the corner of 4th and K Streets, NW in downtown Washington, DC. Scheduled to break ground in mid-2016, the high-rise structure will have 200 hotel rooms on the first through 11th floors, topped by 30 apartment homes on the 12th through 14th floors.
Lubert-Adler of Philadelphia, PA has sold two hotels comprising 647 keys to New York City-based Carey Watermark Investors for a total of $156.6 million. The most recent sale, which closed August 13, was the 400-room Marriott Raleigh (NC) City Center, which was sold for $83 million. The 248-key Hutton hotel in Nashville, TN sold earlier this summer for $74.3 million, setting a record sale price of roughly $300,000 per key for the Nashville hotel market.