The University has sold the GW Inn for $30.5 million, the Washington Business Journal reported Monday.

The hotel group Westmont Hospitality likely bought the property because the address of the buyer’s agent was the same as the company’s Houston business office, according to the Washington Business Journal.

The sales report for the inn showed a $6.1 million loan for the property, specifically for building updates, indicating the potential for renovations, the Washington Business Journal reported.

Alicia Knight, the senior associate vice president for operations, told the Washington Business Journal that officials consistently consider the benefits of owning properties.

“GW considers the sale of assets in cases where market demand exists and it may no longer be strategic for the university to own and maintain a property over the long term,” Knight said.

The hotel, located on New Hampshire Avenue, was purchased by GW in 1994. Modus Hotels currently runs the 95-room inn, according to the Washington Business Journal.

The GW Inn is the most recent in a string of properties the University has sold this year.

The former provost’s house on W Street near the Mount Vernon Campus was sold in September for $1.725 million. Officials said money from the sale would go toward financial aid for students in the Women’s Leadership Program and the University Honors Program, which are both housed on the Mount Vernon Campus.

GW also sold the Hall on Virginia Avenue in August for $36 million and City Hall in June for $78 million.