Search
 

Ashford Acquires Marriott for $107M

ARLINGTON, VA-The Dallas-based hospitality REIT expects the hotel to benefit from increasing demand in the DC market. Ashford plans to invest $13 million over the next year renovating all of the guestrooms

By Erika Morphy | Updated on May 19, 2006

ARLINGTON, VA-Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire the 697-room Marriott Crystal Gateway for $107 million from EADS, a partnership headed by Robert H. Smith and Arthur A. Birney. The hotel has 33,355 sf of meeting space and two food and beverage facilities. The hotel completed a $9.5-million renovation in 2002. The lobby and food and beverage areas were renovated in 2005.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.