The Cadence art

The Cadence

A Washington, D.C.-based company that converts conventional rental residential buildings to furnished apartment-style hotels has paid $57.9 million for Midtown’s The Cadence.

WhyHotel now owns the property at 1600 McGavock St., near the Broadway-West End Avenue split. The seller was Dallas-based Phoenix Property Co., which acquired the land on which it developed The Cadence for $6.19 million in August 2014, according to Metro records.