JER Snags Fairview Park Marriott for $109M

MCLEAN, VA-JER Partners has acquired the Fairview Park Marriott, a 394-key, full-service property, for $108.5 million. The sale is part of the seven-asset sale that Bethesda, MD-based Host Hotels & Resorts disposed of over the course of the last two months. JER is a private equity investment arm of JE Robert Cos.The property will not have to contend with any competing lodging projects under development–a concern that is growing as the hospitality cycle nears its peak–as it is the only hotel permitted within the Fairview Office Park, a 1.2-million-sf, high-end complex that is very close to the Capital Beltway.

Located at 3111 Fairview Park Dr., the hotel underwent a total renovation of the guestrooms and corridors recently. JER says it intends to undertake further renovations to the public areas including the lobby, restaurant, lounge, fitness center, gift shop and meeting space.

“JER views Washington, DC as one of the premier lodging markets in the world, with a favorable business climate, strong tourism appeal, and abundant government and military demand,” says Cia Buckley, president of US Fund Business at JER, in a statement. “As a result of limited competing supply near the hotel, we believe that the Fairview Park Marriott Hotel is ideally suited to benefit from these strong demand generators.”