Potomac Hospitality Snags DC's Lincoln Suites Hotel
WASHINGTON, DC, February 09, 2006. Potomac Hospitality Services is now the owner of the Lincoln Suites hotel here, acquiring the asset from RLJ Hospitality for $14.5 million.
RiverOak Investment Corp., Inc., via its Realty Fund III, LLC, provided $3 million in gap equity financing to Potomac,an affiliate of Cafritz Interests, in its acquisition.
The new owner intends to renovate the 99-room hotel, located at 1823 L St. NW, at a cost of more than $1 million. The project will yield a new exterior facade with new windows, high-speed Internet access and an upgraded furniture package.
The hotel will also be renamed the Quincy.
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