Doubletree Crystal City Sells for $70M

CRYSTAL CITY, VA-Ownership of the 630-room Doubletree Hotel Crystal City has changed hands in a $70-million deal. Representing Lend Lease Real Estate Investments’ Value Enhancement Fund IV, Jones Lang LaSalle Hotels negotiated the three-decade-old property’s sale to an affiliate of Orlando, FL-based CNL Hospitality Corp. The hotel was put up for sale last summer and was last on the market in early 2001 when Lend Lease snapped it up for $53 million. Today, Doubletree Crystal City has an assessed value of approximately $34.3 million.

Located on Army Navy Dr. just ten minutes outside of Washington, DC, the hotel consists of two high-rise structures on a nearly two-acre parcel of land. It was in 1999 that the property–which boasts the likes of Lockheed Martin, the US Navy, and the US Department of Defense as neighbors–underwent its most recent renovation. Current amenities include 24,000 sf of meeting space among 22 meeting rooms, and two restaurants, one of which is the only revolving rooftop dining establishment in the Crystal City Corridor.