10 I St SW, Washington, DC 20024
Visit Doc Center
Visit Doc Center
Berkadia Hotels & Hospitality has been exclusively retained in connection with the sale of the fee simple interest in the 203-room Captiol Skyline Hotel (the "Hotel", "Asset", or "Property"). Originally opened in 1962, the Capitol Skyline Hotel quickly gained notoriety in Washington, D.C. as a historic, yet contemporary landmark. The Property boasts unparalleled views of the United States Capitol Dome and features unique “Neo-Baroque” (Miami Modern) architecture designed by Morris Lapidus – a famed impresario renowned for defining the era’s lavish amalgamation of French Provincial and Italian Renaissance designs in South Florida/Miami Beach (Fountainbleau Miami Beach and Eden Roc Hotel).
At the Asset level, a new owner will have the generational opportunity to acquire a timeless and highly curated hotel envelope in a core-plus downtown Washington, D.C. location amid billions of dollars of transformational developments, at a highly attractive basis well-below replacement cost and comparable sales, even after a considerable capital injection and repositioning. Offered fee simple and unencumbered of brand and management, the Capitol Skyline Hotel represents a significant value-add opportunity and a "white box" for a new owner to affiliate with a renowned brand or operate the Hotel as an independent, reestablishing the Property as one of the most prominent lodging destinations in the United States Capital after a renovation.
Opportunity
The
2023 Forecast (9+3) Quick Facts:
RevPAR
$122.54
Revenues:
$5.4MM
NOI
$1.5MM | 28.6% Margin
1
4
5
2
3
Fee simple and unencumbered of management
Branding optionality with significant value-add potential and the ability to implement a differentiated rooftop food and beverage experience
Prominent seven-story mid-rise with spanning views of the Capitol Dome, unique "neo-baroque" architecture, and corner-block location with prime frontage along S Capitol St. SW and I St. SW
Offered at an attractive basis below replacement cost in a top 25 U.S. lodging market
Core-plus downtown location complimented by diversified demand channels and vast retail amenities
6
Outstanding multi-modal accessibility to several expanding transportation hubs
Investment Highlights
MEETING SPACE
261 SF
PARKING
• Garage Parking: +/- 20 spaces
• Surface Parking: +/- 20 spaces
Additional Amenities
Fitness center, Business Center, Complimentary WiFi, Sundries Shop
FOOD & BEVERAGE
• Lapidus Restaurant &
Bar (88 Seats)
Built/Renovated
1962/2016
Guestrooms & Suites
203
LAND AREA
1.06 acres
BUILDING AREA
102,802 SF
UNION LABOR
Unite Here! Local 25
TENURE
Fee Simple
LOCATION
10 I St SW, Washington, DC 20024
Property overview
LOCATION
The
SMITHSONIAN MUSEUMS
14.9 MILLION VISITORS IN 2022
11 MUSEUMS AND GALLERIES ON THE NATIONAL MALL
•
•
CAPITOL BUILDING
+1.5 MILLION SF
+600 ROOMS
+3 MILLION ANNUAL VISITORS
•
•
•
ARTECHOUSE DC
1.1 MI FROM THE ASSET
SINCE 2015 HAS COLLABORATED WITH 40 ARTISTS IN THE CREATION AND EXHIBITION OF 30 ART EXHIBITS, 10 LIVE SHOWS, AND 150 EXTENDED REALITY ACTIVATIONS
•
•
THE WHARF
0.8 MI FROM THE ASSET
$3.6 BILLION DEVELOPMENT
1,490 RESIDENCES ACROSS SIX DISTINCT BUILDINGS
1 MILLION SF OF CLASS A OFFICE SPACE
300,000 SF OF RETAIL AND DINING SPACE
THE ANTHEM MUSIC VENUE WITH 6,000-GUEST CAPACITY
400 BOAT SLIPS AT THE WHARF MARINA
•
•
•
•
•
•
•
NATIONAL MALL
25 MILLION VISITORS
3,800 EVENTS HELD ANNUALLY
HOSTS THE NATIONAL CHERRY BLOSSOM FESTIVAL AROUND THE TIDAL BASIN ANNUALLY FROM MID-MARCH THROUGH MID-APRIL
-3,000+ BLOSSOMING CHERRY TREES
-1.5 MILLION VISITORS ANNUALLY
•
•
•
AUDI FIELD
0.7 MI FROM THE ASSET
20,000-SEAT CAPACITY
HOME TO MAJOR LEAGUE SOCCER’S D.C. UNITED MEN’S TEAM
•
•
•
RUBELL MUSEUM
0.1 MI FROM THE ASSET
FEATURES OVER 200 PIECES OF THE RUBELL FAMILY’S 7,000-PIECE COLLECTION
32,000 SF OF GALLERY SPACE
•
•
•
EAST POTOMAC GOLF COURSE AND TENNIS CENTER
1.0 MI FROM THE ASSET
+400 ACRES
FIVE INDOOR AND NINE OUTDOOR HARD COURTS
EAST POTOMAC GOLF LINKS (AKA HAINS POINT GOLF COURSE)
•
•
•
•
THE YARDS
•
•
•
•
•
•
YARDS PARK
NEARLY SIX ACRES OF PARK ALONG THE ANACOSTIA RIVER
WATERFALL WITH LARGE, 11-INCH-DEEP CANAL TO KEEP VISITORS COOL IN THE SUMMER
HOSTS FRIDAY NIGHT CONCERTS DURING THE SUMMER
•
•
•
SOUTHWEST WASHINGTON
Southwest Washington is District of Columbia's smallest quadrant. It comprises five distinct neighborhoods: Southwest Waterfront, Southwest Federal Center, Anacostia, Bellevue, and Buzzard's Point. Like other neighborhoods in Washington D.C., redevelopment over the last several years has enhanced the Southwest Waterfront area.
6.2 MILLION SF OF OFFICE SPACE
HOME TO APPROXIMATELY 35,000 EMPLOYEES
D.C.'S FASTEST GROWING NEIGHBORHOOD
37.5 MILLION SF OF DEVELOPMENT AT FULL BUILDOUT
- 26.6 MILLION SF COMPLETE AT YE 2021
•
•
•
•
NATIONAL MUSEUM OF THE UNITED STATES NAVY
0.9 MI FROM THE ASSET
94,000 VISITORS ANNUALLY
PLANNED $450 MILLION NEW NATIONAL MUSEUM OF THE UNITED STATES NAVY TO OPEN IN 2025
•
•
•
EASTERN MARKET
0.9 MI FROM THE ASSET
OPENED IN 1873
LISTED ON THE NATIONAL REGISTER OF HISTORIC PLACES
•
•
•
GALLERY
10 I St SW, Washington, DC 20024
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
BACK TO TOP
Visit Doc Center
Katelyn reynolds
Senior Real Estate Analyst
301.202.3549
katelyn.reynolds@berkadia.com
Lindsey debutts
Senior Director
240.204.5131
lindsey.debutts@berkadia.com
Mauricio Rodriguez
Managing Director
240.204.5133
mauricio.rodriguez@berkadia.com
Financing
Justin Storer
Real Estate Analyst
301.202.3542
justin.storer@berkadia.com
JAKE PIETRAS
Associate Director
410.940.9497
jake.pietras@berkadia.com
DAN HAWKINS
Managing Director
240.204.5139
dan.hawkins@berkadia.com
Andy Wimsatt
Head of Hotels & Hospitality
301.202.3571
andy.wimsatt@berkadia.com
Investment Sales
CONTACT
Investment Highlights
The Hotel
Home
Document Center
Contact
Privacy
Terms of Use
Strategically positioned on a corner-block in the rapidly growing enclave of Ballpark North in Southwest Washington
D.C., the Asset is steps from iconic landmarks such as the National Mall and the United States Capitol, leisure destinations such as Nationals Park and Audi Field, millions of square-feet of office space, hundreds of award-winning restaurants, bars, and retailers, and dozens of Smithsonian museums and government headquarters. As a result, the Hotel will cater to a diverse cohort of visitors seeking to immerse themselves in the city's rich history, political heritage, and famed attractions. An enviable location proximate to the epicenter of American politics, Capitol Hill, a diverse mix of industry clusters, and +21,000 multifamily units (one-mile radius), the area has also continued to transform with approximately $6.3 billion of capital being deployed in neighborhoods within walking distance, such as the Wharf ($3.6 billion), the Yards (+$1.6 billion), Buzzard Point (+$600 million), and Capitol Riverfront/Navy Yard (+$500 million).
Management/
DEBT/Brand
Unencumbered
FLOORS
7
The Hotel
Investment Highlights
Home
MENU
Terms of Use
Privacy
DOCUMENT CENTER
Contact
0.6 MI FROM THE ASSET
3.4 MILLION SF OF MIXED-USE SPACE ACROSS 10 BUILDINGS
1,260 RESIDENTIAL UNITS
1.8 MILLION SF OF OFFICE SPACE
+43,000+ SF OF WATERFRONT PARK SPACE
ESTIMATED COMPLETION: 2030
THE LIBRARY OF CONGRESS
•
•
•
•
•
LARGEST LIBRARY IN THE WORLD
COLLECTION OF 175.7 MILLION BOOKS, RECORDINGS, PHOTOGRAPHS, NEWSPAPERS, MAPS, AND MANUSCRIPTS
APPROXIMATELY 2 MILLION ANNUAL VISITORS
3,170 EMPLOYEES
HOSTS THE ANNUAL NATIONAL BOOK FESTIVAL IN LATE AUGUST, ATTENDED BY UP TO 200,000 PEOPLE
Capitol Riverfront
Navy Yard
2.2 MILLION SF OF OFFICE SPACE
HOME TO APPROXIMATELY 16,000 EMPLOYEES
•
•
STR Trend Set 2023
Occ: 72.8% | ADR: $238 | RevPAR: $174
NATIONALS PARK
0.4 MI FROM THE ASSET
HAD A TOTAL OF 1,865,832 FANS AT 81 HOME GAMES IN THE 2023 SEASON
41,546 SEATS
•
•
•
•
7
Proximity to a myriad of transformational development projects
LAUNDRY
In-House
Architect
Morris Lapidus