Savills Studley’s National Hospitality Group Announces Sale of St. James Suites in Washington, DC

Savills Studley’s National Hospitality Group is pleased to announce the sale of the former 197-room extended stay St. James Suites, on behalf of its client, 24th and K Street Associates, LLC. The building is located at 950 24th Street NW, near George Washington University (GWU) in the District.

The property was originally built in 1986 as a short-term corporate housing facility. Along with the 197 suites, there is underground parking for over 100 vehicles. The site was sold this past week to Durant Berkeley Partners LLC, a company led by Donnie Gross of Bethesda-based Varsity Investment Group, formerly Potomac Holdings. The timely transaction came within weeks of GWU’s lease expiration at the end of May.

“This is another good example of the strength of the Washington, DC market and the opportunities it has for savvy investors,” said Savills Studley Executive Managing Director Marc Magazine, who leads the National Hospitality Group. Savills Studley Executive Vice President Bill Quinby represented the buyer.