Crystal Gateway is managed by Marriott International under a long-term management agreement. The acquisition is expected to close within 30 days. The seller was represented by Molinaro Koger. Ashford was self-represented.
Ashford plans to invest $13 million over the next year renovating all 697 guestrooms. "We expect this hotel to benefit from increased demand in the DC hotel market, aggressive yield and asset management, and further RevPAR penetration resulting from the recent and future capital expenditures," says Monty Bennett, president and CEO of Ashford Hospitality Trust.
CFO David Kimichik tells Globest.com that the acquisition was indicative of Ashford's strategy of acquiring off-market hotels. "The Marriott Crystal Gateway acquisition is consistent with our overall acquisition strategy--buying high quality, well located first class assets at a very good multiple."
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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.
