Demand for the four-diamond hotel was high, as it is a premier product minutes away from Dulles airport, Resnick tells GlobeSt.com. Ashford has been investing in renovations to the hotel over the last four years, he adds, with the most recent project a $2 million rehab of the lobby. Other amenities include an indoor pool, business center and 10 meeting rooms totaling 7,250 sf.
The most recent comp to this trade was last December's $65 million sale of the Marriott Hotel BWI Airport--a 309-key full-service facility--to a European-based joint venture between Bank of Scotland and Capital Hotel Group, as previously reported by GlobeSt.com. Ashford also sold this asset and MK brokered it. These sales have been strategic sell-offs by Ashford, as it redeploys capital to focus on its mezzanine lending strategy, Resnick explains. Ashford acquired the Hyatt Dulles from Colony Capital LLC affiliate Dulles Airport Hotel LLC for approximately $73 million in November 2005.
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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.
