JBG SMITH sells 3 assets to Blackstone for $171.6M

JBG SMITH Properties has sold the Renaissance Capital View Hotel and the Residence Inn, both in Northern Virginia near Reagan National Airport, plus a small retail parcel to Blackstone Group for a total of $171.6 million. In a recent earnings call, JBG SMITH CEO Matt Kelly said the REIT would use asset sales and other strategies as it prepares for a development pipeline of nearly 10 million square feet.