HEI Acquires 234-Key Hotel for Redo

TYSONS CORNER, VA-HEI Hotels & Resorts, a Norwalk, CT-based hospitality investment firm that acquires, develops, owns and operates such flags as Marriott, Sheraton, Westin, Embassy Suites, and Hilton, has acquired a 234-key Embassy Suites in this submarket for an undisclosed price. The sellers were investors advised by Prudential Real Estate Investors. Jones Lang LaSalle brokered the transaction.

HEI is planning a $7 million renovation to upgrade the guest suites, bathrooms, corridors, lobby and public space, building exterior, and to modernize some of the facilities and systems. It won’t be closing the hotel for the renovations. Located at the crossroads of the Capital Beltway and the Dulles Toll Rd., the eight-story property also has 1,770-sf of meeting space, an atrium bar and restaurant, fitness center and business center.

This is HEI’s second acquisition in the Northern Virginia submarket. The company likes the submarket and like many investors interested in the Tysons Corner market is particularly intrigued by the opportunities expected to arise once the Metro stations there are completed. According to Roger Clark, HEI’s SVP of acquisitions, one metro stop will be in front of the hotel. The company also likes the high barriers to entry in the dense submarket.