Exclusive: Elon Musk May Be the Latest Leader of D.C.’s Line Hotel | Eater DC
"The 220-room Northwest D.C. property at 1770 Euclid Street NW, opened in late 2017 as an adaptive reuse of the old First Church of Christ Scientist by developer Sydell Group, was brought to foreclosure auction after lender Acore Capital—which refinanced the project in 2019 with an $86-million loan following an $80-million Deutsche Bank loan in 2016—tapped JLL to shop the under-performing asset. A public auction scheduled for Thursday, January 23, was held in front of a New York courthouse and broadcast live; Acore emerged as the lender’s sole bidder and purchased the hotel at that auction on January 23, though sources say the story is far from over because the existing creditor can “still sell it to someone else at this point.” High-profile buyer interest has included tech CEO Elon Musk, who was slated to be the highest bidder and is reported by multiple sources to plan to turn the property into a “private social club”; he is reportedly scheduled to speak at a pre-inauguration rally and Eater was told that all of its luxe suites are sold out. The property was a major dining destination after opening, but most of its original restaurants did not resurface post-pandemic; the building’s future food-and-beverage chapter remains unclear under the potential takeover." - Tierney Plumb
