Washington area business diary for week of Dec. 31

December 30, 2012

Short takes on the week's announcements and deals.

Acquisitions

Falls Church-based defense contractor General Dynamics said it has acquired Groton, Conn.-based engineering and research and development contractor Applied Physical Sciences in a cash transaction for an undisclosed price.

McLean-based private equity firm Gladstone Capital said that it has invested $14 million through debt and equity in Goshen, Ind.-based Ag Trucking, a liquid and bulk carrier company.

Expansions

Bethesda-based RLJ Lodging Trust said that it has opened its Hotel Indigo New Orleans Garden District. The hotel real estate investment trust acquired the 132-room hotel in 2010 for $6.4 million.

Birmingham, Ala.-based restaurant chain Zoës Kitchen has opened a location in Reston at 11690 Plaza America Dr., Reston, VA 20190.

Matthews, N.C.-based grocery chain Harris Teeter said it has signed a long-term lease for about 53,000 square feet in the future retail building in the Clarksburg Village Center on New Cut Road in Clarksburg. The development broke ground in November and is expected to be finished in October 2013.

Funding

Bethesda-based Pebblebrook Hotel Trust said it has received an $81 million non-recourse secured loan from PNC Bank at a fixed annual interest rate of 3.69 percent. The loan has a term of seven years and is secured by a first mortgage on its 450-room Westin Gaslamp Quarter in San Diego. Proceeds from the loan are to be used to fund future acquisitions and for general business purposes, the hotel real estate investment trust said.

Other

Bethesda-based private equity firm American Capital said it made open market purchases of 8.8 million shares of its common stock, or 2.8 percent of the company’s outstanding shares, at an average price of $11.72 per share, totaling approximately $103 million, during the fourth quarter.

— Compiled by Shawn Selby

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