JLL’s Hotels & Hospitality Group has arranged a $53 million refinancing for The Morrow Hotel, a 203-room upscale, lifestyle hotel located in Washington, D.C.
JLL represented the borrower, a joint venture ownership between Trammell Crow Company and MetLife Investment Management, to secure a three-year, floating-rate loan through Peachtree Group.
The Morrow Hotel, which operates under Hilton's Curio Collection brand situated in the rapidly evolving NoMa neighborhood. The property opened in November 2022 as part of an expansive 810,000-square-foot mixed-use development that includes 640 apartments, 60,000 square feet of retail space and 350 below-grade parking spaces.
The sophisticated hotel features 203 meticulously designed guestrooms and suites, including 136 king rooms, 59 double queen accommodations and eight suites averaging 426 square feet. The property offers an impressive array of amenities, including nearly 11,600 square feet of versatile meeting and event space anchored by a 2,400-square-foot ballroom with capacity for 250 guests.
Additionally, the hotel’s culinary program has been elevated under the leadership of internationally acclaimed chef Marcus Samuelsson. The Marcus Samuelsson Group now oversees all food and beverage operations at the property, which features three distinctive dining venues: Marcus DC, a vibrant restaurant showcasing Samuelsson’s Ethiopian roots and Swedish heritage; Sly’s Rooftop Bar, offering panoramic city views alongside a dynamic food and beverage experience; and Goodie, an 11th-floor speakeasy set to debut in Winter 2025.
The Morrow Hotel enjoys a prime location within walking distance of Union Market, just 0.3 miles away, and the United States Capitol, only 1.2 miles away. The property benefits from direct access to the NoMa-Gallaudet University Metro station and proximity to major attractions, including the National Mall, Smithsonian museums and the Walter E. Washington Convention Center.
“This transaction highlights Peachtree Group’s ability to deliver creative financing with speed and certainty for premier hospitality assets,” said Jared Schlosser, head of originations and CPACE for Peachtree Group. “The Morrow is exactly the type of institutional-quality property where our platform creates lasting value for our partners.”
The JLL Hotels and Hospitality team was led by Americas CEO Kevin Davis, Managing Director Mark Fisher, Director Connor Medzigian and Analyst Malia Buljat.
“The refinancing demonstrates continued institutional confidence in Washington, D.C.'s hospitality sector as the market benefits from its diverse economic base anchored by federal government presence, robust education sector and growing technology industry,” said Davis. "The Morrow exemplifies the types of hotels that are finding strong reception in today's debt markets, particularly with best-in-class sponsorship like Trammell Crow Company and MetLife Investment Management behind it."