Elon Musk did not buy The Line hotel at auction
Washington Business Journal
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The Line DC Hotel in Adams Morgan sold this week to its lender, not, as rumored, to @Elon Musk.
During the New York City auction, ACORE CAPITAL , on behalf of its investors, offered a credit bid — that is, it bid the debt owed on the property — and walked away with The Line, sources familiar with the proceedings confirmed.?That’s not to say Musk, the world’s richest human with a net worth topping $400 billion, couldn’t swoop in and acquire the 220-room boutique hotel at 1770 Euclid St. NW. Lenders often acquire properties at auction only to turn around and sell them at a discount to recoup what they can. Read more
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This Weekly Edition was compiled by Drew Hansen . Questions? Comments? Concerns? Send them to [email protected].