JV Acquires 205-Key Sheraton College Park

WASHINGTON, DC-Private equity heavyweight Carlyle Group and Crescent Hotels & Resorts have partnered to acquire a 205-key hotel in Beltsville, MD. A value-add play, the Sheraton College Park was sold by Boston-based Pyramid Advisors for an undisclosed amount.

An additional $4 million will be invested to renovate the property, which is located at 4095 Powder Mill Rd., near the University of Maryland’s campus. Crescent will oversee the renovations, which will take six months, and operate the hotel.

“This is a property with a strong real estate value, strong growth potential, but has not received individual operator attention for some time,” Michael George, Crescent president and CEO tells GlobeSt.com. Also, he adds, there is limited supply in the area, which is expecting to see increased demand for hotel space with the upcoming relocation of the Food and Drug Administration offices at the White Oak site some 4.5 miles away.