Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA targeting the acquisition and repositioning of underperforming hotels in gateway markets, announced it has purchased a 178-key hotel in the heart of Old Town Alexandria — a hotel that was once a part of the Old Colony Inn — for an undisclosed amount. This comes on the heels of the leasehold acquisition last month of the Roger New York, a 194-room boutique hotel in the heart of Manhattan’s NoMad neighborhood, for $19 million. These transactions mark EAHG’s first two hotel acquisitions since the joint venture launched in February. AKA, a division of Korman Communities, operates a portfolio of hotels and hotel residences in major gateways, including New York, Los Angeles, Philadelphia, Washington DC and London. Russ Urban, CEO of EAHG, said these acquisitions illustrate the company’s “laser focus” on exceptionally well-located assets in gateway markets where distress or other factors has created an opportunity to acquire a high-quality hotel at a significant discount and generate long-term value upon the recovery of the hospitality sector. He said the company continues to seek opportunities in major markets where the pandemic “has fundamentally altered the hospitality landscape,” including Miami, Los Angeles, Nashville, London, New York and Washington DC.