ALEXANDRIA, VA–GlobeSt.com has learned that Rockpoint Group is making another acquisition in the area. Besides being in the process of acquiring Tysons Dulles Plaza, it is also buying the Sheraton Suites Alexandria for $54.7 million, or $221,457 per unit, according to a source. The 247-key hotel, located at 801 N St. Asaph St., last traded in 2007 for $78.6 million.
Rockpoint Group declined to comment.
Washington DC's hotel market, in recent years, could best be described as relatively steady. The area went through a quiet period for a number of years that was broken about two years ago. Sales have been, as noted, relatively steady since then.
Recently Hyatt Place at 33 New York Ave. traded to the Excel Group, for an undisclosed sum. A second recent trade was the Residence Inn, another Alexandria hotel, for $72 million, or $300,000 per unit. AVR Realty was the buyer.
Other transactions in the District include the Courtyard by Marriott at the Washington Convention Center for $82 million, or $436,170 per unit (Global Holdings was the acquirer) and the Homewood Suites at 465 New York Ave NW, for $50.4 million or $315,147 per key. Qatar's Alduwaliya AM was the buyer.
Waiting for Maryland's Turn
Notably, there haven't been many significant hotel trades in suburban Maryland, which is unfortunate as the area's fundamentals are very strong, according to Ten-X's research, which rates the area's hotel market as a “buy”.
ALEXANDRIA, VA–GlobeSt.com has learned that Rockpoint Group is making another acquisition in the area. Besides being in the process of acquiring Tysons Dulles Plaza, it is also buying the Sheraton Suites Alexandria for $54.7 million, or $221,457 per unit, according to a source. The 247-key hotel, located at 801 N St. Asaph St., last traded in 2007 for $78.6 million.
Rockpoint Group declined to comment.
Washington DC's hotel market, in recent years, could best be described as relatively steady. The area went through a quiet period for a number of years that was broken about two years ago. Sales have been, as noted, relatively steady since then.
Recently Hyatt Place at 33
Other transactions in the District include the Courtyard by Marriott at the Washington Convention Center for $82 million, or $436,170 per unit (Global Holdings was the acquirer) and the Homewood Suites at 465
Waiting for Maryland's Turn
Notably, there haven't been many significant hotel trades in suburban Maryland, which is unfortunate as the area's fundamentals are very strong, according to Ten-X's research, which rates the area's hotel market as a “buy”.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
