The six-story hotel sits off the Capital Beltway in the Inglewood Business Center just eight miles from Washington, DC and less than 15 miles from the Ronald Reagan Washington National Airport. Among the hotel's list of amenities is an exercise facility and an indoor pool. The site is Metro accessible, due to a recent rail extension. AMC Delancey's and Paramount's planned transformation will include the demolition of an existing sandwich shop/café to make room for a new restaurant and bar. Work has already gotten under way and is scheduled to reach completion in September.

"The value-add nature of the repositioning of this hotel is exactly the type of co-investment strategy we target at AMC Delancey," says company president and CEO Kenneth P. Balin. "As a result of our hotel investment strategy with Paramount, we are actively seeking additional hotel reposition opportunities in the Eastern US." The Largo transaction represents the second joint acquisition by AMC Delancey and Paramount. The two companies joined forces to purchase, renovate and re-flag the Doubletree Club Hotel in Jacksonville, FL last year.