ROSSLYN, VA--Carey Watermark Investors 2, a New York City-based non-traded REIT that invests in lodging properties, reports that it has acquired the Le Méridien Arlington, a rare boutique hotel in this submarket.
The last time this property traded was in 2012 when HEI Hotels & Resorts acquired the 154-room Hotel Palomar Arlington from a JBG Cos.-led joint venture for $37.8 million, or $245,455 per unit, and rebranded it as Le Meridien Arlington. Le Méridien Arlington is a Starwood Hotels & Resorts brand.
CWI 2 did not reveal the purchase price and the company was not able to immediately return a call to GlobeSt.com.
The company liked the hotel's proximity to Rosslyn's and the District's Central Business Districts as well as the fact that so little hotel supply has entered the market, or will enter the market, CWI 2 CEO Michael Medzigian said in a prepared statement. Le Méridien Arlington is the only hotel that has been developed in Rosslyn since 2000, according to CWI 2.
“We believe the property will continue to generate attractive near term cash flow and add incremental long-term value to CWI 2's portfolio,” he said.
A $3 million soft goods renovation of the guestrooms and meeting space is currently underway, the company also reports.
A Robust Year for Hotel Investment Sales
The last twelve months has seen a revitalization of hotel investment sales in the District -- and an accompanying increase in per key price sales as well, according to Savills Studley Executive Managing Director Marc Magazine.
Real Capital Analytics |
ROSSLYN, VA--Carey Watermark Investors 2, a
The last time this property traded was in 2012 when HEI Hotels & Resorts acquired the 154-room Hotel Palomar Arlington from a JBG Cos.-led joint venture for $37.8 million, or $245,455 per unit, and rebranded it as Le Meridien Arlington. Le Méridien Arlington is a Starwood Hotels & Resorts brand.
CWI 2 did not reveal the purchase price and the company was not able to immediately return a call to GlobeSt.com.
The company liked the hotel's proximity to Rosslyn's and the District's Central Business Districts as well as the fact that so little hotel supply has entered the market, or will enter the market, CWI 2 CEO Michael Medzigian said in a prepared statement. Le Méridien Arlington is the only hotel that has been developed in Rosslyn since 2000, according to CWI 2.
“We believe the property will continue to generate attractive near term cash flow and add incremental long-term value to CWI 2's portfolio,” he said.
A $3 million soft goods renovation of the guestrooms and meeting space is currently underway, the company also reports.
A Robust Year for Hotel Investment Sales
The last twelve months has seen a revitalization of hotel investment sales in the District -- and an accompanying increase in per key price sales as well, according to Savills Studley Executive Managing Director Marc Magazine.
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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.
