Ashford Hospitality Trust offloaded a 252-room hotel in the heart of Old Town Alexandria at a sharp discount from the price it paid eight years ago.

The Hilton Alexandria Old Town at 1767 King St.

The Dallas-based REIT sold the Hilton Alexandria Old Town to Charlotte-based Lodging Capital Partners, Ashford revealed in a filing with the Securities and Exchange Commission. It said the property sold for $58M in an all-cash deal. 

This is the second time Lodging Capital Partners has owned the property. After owning it for five years, the company sold it to Ashford Hospitality Trust in 2018 for $111M.

Ashford Hospitality Trust and Lodging Capital Partners didn’t respond to Bisnow‘s requests for comment.

The 26-year-old hotel at 1767 King St. sits next to the King Street-Old Town Metro station.

With its 2018 purchase, Ashford had received a $73.5M, five-year interest-only, nonrecourse mortgage, the company revealed at the time. It was the first acquisition under a new agreement expected to benefit from Ashford’s Enhanced Return Funding Program, under which Ashford Inc. would provide equity for the REIT’s acquisitions. 

Ashford’s filing says it paid back $32.5M of the loan along with this sale. It also released financial statements that mention a preliminary “non-recurring loss associated with the disposition of the hotel property.”

The REIT reported a $28.4M operating income loss on the Hilton property in 2025. 

HREC Investment Advisors’ Scott Stephens and Mark Morris brokered the deal on behalf of the seller. 

Ashford, which owns more than 15,000 hotel rooms across the country, was trading on the New York Stock Exchange at $2.60 per share as of 2 p.m. ET Monday, down nearly 60% year-over-year.  

Ashford’s properties range between what it calls luxury and upper midscale. Locally, the REIT owns The Melrose in Georgetown, The Churchill north of Dupont Circle, Embassy Suites hotels in Crystal City and Herndon, the Marriott Gateway in Arlington, Courtyards in Gaithersburg and Crystal City, and the Residence Inn Fairfax. 

Lodging Capital Partners, which also has a national hotel portfolio, provided debt for the 470-room Marriott Georgetown in 2025, according to its website. 

Like the D.C. region, Alexandria’s hotel sector has been struggling over the past year, ALXnow reported in October, citing city data.

While revenue per available room, or RevPAR, in Alexandria increased by 4.5% between July 2024 and January 2025, the metric declined 12.4% between February and April of last year, and it fell 6.5% between May and August. 

By comparison, between May and August, Arlington’s RevPAR was down 7.8%, Fairfax County’s was down 0.5%, D.C.’s was down 9.7%, and Prince George’s County’s was down 4.1%.

A mixed-use portfolio in Old Town Alexandria that Asana Partners assembled between 2016 and 2018 and invested $20M to renovate has hit the market.

Asana owns 815 1/2 King Street in Old Town, Alexandria

The Charlotte, North Carolina-based firm is looking to sell a 21-building portfolio totaling just over 200K SF on and around Alexandria’s historic King Street commercial corridor, according to a JLL Capital Markets brochure.

JLL Senior Director Daniel Naughton announced the listing last week in a LinkedIn post, saying it represents the largest-ever assemblage of properties on King Street. 

JLL didn’t respond to a request for comment, and Asana declined to comment.

The low-rise buildings include national retailers Sephora, Ben & Jerry’s, Alo Yoga, Emmy Squared, Patagonia, and Warby Parker. Its office tenants include Compass Real Estate, KVS Title and Sourced Intelligence, and it has at least 38 apartment units.

The portfolio is 76% leased, according to the brochure, with the retail portion 94% leased, the office 49% leased and the residential portion 95% leased. 

Two of the properties, a 6,500 SF building at 900 Prince St. and a 4,500 SF building at 1104 King St. are fully vacant, and 12 of the properties are fully leased, JLL brochure says. 

The brokerage breaks up the portfolio into “Lower King” with five assets, “Middle King” with 11 assets and “Upper King” with five assets. 

JLL’s Danny Naughton, Jordan Lex, Danny Finkle and Dave Baker are the investment sales advisers marketing the property, and Evan Parker is the financing adviser. 

Asana acquired at least 15 of the properties between December 2016 and July 2017, Bisnow first reported at the time. It purchased the first eight properties at the end of 2016 for $40M from PMA Properties. It purchased six more totaling 35K SF for $21.9M in August 2017. 

By the end of 2017, the company had spent $115M to acquire 23 properties totaling 210K SF on and just off of King Street, Asana Managing Partner Reed Kracke told Bisnow in a December 2017 interview.

Kracke said the stretch had “so many of the factors that are compelling for retailers today,” pointing to factors like income levels and density.

“The buildings are really irreplaceable historic buildings that have been around — some since the 1700s, 1800s and early 1900s,” he said in the 2017 interview. “The authenticity of the buildings on the street is not something you can re-create.”

Old Town Alexandria’s 719K SF of high-street retail space has a 5.84% vacancy rate, according to Dochter & Alexander Retail Advisors’ latest market report released last month. Its 5M SF of office space is 17.6% vacant, according to CBRE’s Northern Virginia first-quarter office report.

Asana has $7B in “neighborhood assets under management” across 25 cities, according to its website. In D.C., Asana also owns Sam’s Park and Shop, a 50K SF strip shopping center on Connecticut Avenue in Cleveland Park, which it purchased from Federal Realty for $39M in 2021.

Alexandria Real Estate Equities, Inc. executed a 10-year lease with Vaxcyte, Inc., a clinical-stage biopharmaceutical company, for a total of 258,581 square feet at 825 Industrial Rd. on the Alexandria Center for Life Science – San Carlos mega-campus. The lease includes new space and an extension of the lease term for its existing space.

Vaxcyte has been an anchor tenant at the Alexandria Center for Life Science – San Carlos since it opened in 2021. The purpose-built mega campus features significant options for future growth in addition to essential Labspace infrastructure in a location offering convenient access to Highway 101 and walkability to Caltrain, boutique shops and restaurants. 

The REIT did not identify any brokers on either the ownership side or the tenant side. The Alexandria Center for Life Science – San Carlos currently is 97.4% occupied, with approximately 1.4 million square feet of future development opportunities as of Sept. 30.

Alexandria Real Estate Equities, Inc. announced the completion of the sale, through an affiliate, of 1165 Eastlake Avenue East in its Lake Union submarket of Seattle to longstanding tenant Fred Hutch Cancer Center.

Alexandria developed and delivered the fully leased 100,086-square-foot, single-tenant life science facility in 2021. It sold for $150.0 million at a strong capitalization rate of 4.9%. As part of the transaction, Alexandria, through an affiliate, entered into a strategic joint venture partnership with Fred Hutch with respect to each of 1201 and 1208 Eastlake Avenue East through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each of 1201 and 1208 Eastlake remains unchanged at 30%.

“This opportunity allows us to swiftly advance our research and expand our South Lake Union campus in the heart of Seattle’s life science and biotech community,” said Thomas J. Lynch Jr., MD, president and director of Fred Hutch. “We appreciated the collaborative relationship with Alexandria as we explored and finalized this important agreement that will support our mission to prevent, treat and cure cancer and infectious disease.”

Alexandria Real Estate Equities, Inc. said Tuesday that a top 20 pharmaceutical company and longstanding credit tenant has increased its San Diego footprint by nearly 53%. The tenant has signed a 10-year lease for 127,382 square feet, with significant expansion options, for a new R&D center at 10075 Barnes Canyon Rd. on the SD Tech by Alexandria mega campus in the Sorrento Mesa submarket of San Diego. 

With this anchor lease, the 253,079-square-foot development, which is targeting LEED Gold Core & Shell and Fitwel certifications, is now 70% leased ahead of its anticipated initial delivery in 2025. The lease also brings Alexandria’s 1.2-million-square-foot pipeline of under-construction mega campus development projects in San Diego to 94% leased.

Having entered the San Diego market in June 1994, Alexandria has been a key player in the development, expansion and transformation of the region into one of the nation’s top life science clusters. As of this past March, its operational San Diego portfolio was 95.2% occupied.

Insitro, a machine learning-powered drug discovery and development company, signed an early renewal for its 143,188-square-foot headquarters and R&D site at Alexandria Real Estate Equities’ Alexandria Center for Advanced Technologies – South San Francisco. The company has been an Alexandria tenant since 2018, when it signed up for 36,000 square feet at the campus.

Alexandria didn’t disclose the names of brokers involved in the deal. The Pasadena-based REIT entered the South San Francisco market in 1998 and has since grown a footprint of 3.4 million square feet there, including the one-million-square-foot Advanced Technologies campus at 279 E. Grand Ave.

Founded in 2018, Insitro secured a $400-million series C financing led by the Canada Pension Plan Investment Board in 2021, Fierce Biotech reported. Its early lease renewal is the second such deal signed by an Alexandria tenant in the past month, following Takeda Pharmaceutical’s recommitment to 222,925 square feet in Cambridge, MA.

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