LA investors pay $190M for DC-area hotel, plan mixed-used development

The Key Bridge Marriott, which has overlooked Washington D.C. from Rosslyn, Va. since 1959, could soon be replaced by a major mixed-use development. A joint venture between Oaktree Capital and Woodridge Capital bought the 583-room hotel from Host Hotels & Resorts for $190 million. Current zoning regulations would allow for 630 residential units, 990 hotel rooms or 660,000 square feet of office space on the 5.5-acre site. [Bisnow]