500-Room Hilton Sells for $63M

ALEXANDRIA, VA-Change is afoot at the Hilton Alexandria Mark Center now that a joint venture involving Amstar Group LLC and Davidson Hotel Co. has claimed the hotel as its own. The partnership traded $63 million for the 500-room hotel, and will shell out an additional $9.5 million in upgrades. The all-cash purchase marks the third joint transaction for Denver’s Amstar and Memphis-headquartered Davidson. “We are interested in commercial real estate investments across the country with a particular focus on key markets in which the fundamentals are strong, and the Metropolitan Washington, DC is one of these markets,” Amstar executive director Doug Wiley tells GlobeSt.com.

Hilton Alexandria Mark Center, not to be confused with the city’s 241-room Hilton Alexandria Old Town–which sold to LaSalle Hotel Properties last year for $59 million–will continue to operate under the Hilton flag with Davidson serving as property manager. Amstar CIO Gabe L. Finke says “this opportunity exemplifies our investment philosophy.”