AOF I purchased a non-performing note collateralized by value-oriented brand in an increasingly high-end location. The Property is three blocks south of Logan Circle, perhaps downtown Washington’s most desirable residential neighborhood. In 2003, Baywood Hotels acquired the Property for $6.0 Million ($60K per guestroom) and at that time fully repositioned the Hotel into a Choice Hotels-flagged Comfort Inn. Constructed in1927, the Property was built as a 55-unit apartment house and was converted to a hotel in 1986. The Property is approximately 34,000 gross square feet, not including its basement, and guestrooms are located on each of the building’s eight stories. The note was shortly paid off and AOF I chartered a successful exit.