ARLINGTON, VA--A source tells GlobeSt.com that the 338-key Westin Arlington Gateway is trading for $97.3 million or $287,722 per room. The buyer is a JV between Rockpoint Group and Highgate Holdings. JBG Cos. is the seller.
Rockpoint Group declined to comment to GlobeSt.com about this report. Highgate Holdings did not return a request for comment.
The hotel, managed by Crescent Hotels & Resorts, noted its 10 year anniversary this February. In recent years it underwent a multimillion dollar renovation, including enhancements to guest rooms, public spaces, lobby, function space and the addition of a Starbucks Café.
The hotel is also noted for a boardroom-style meeting room that, unlike the rest of the rest of the hotel's 10,000 square feet of event space, can be rented by the hour for last minute meetings.
This trade follows a handful of transactions in the Washington DC area that have occurred in quick succession.
The 57-room Graham Hotel Georgetown just traded $37 million, or $649,000 per key. Last month Le Méridien Arlington, a boutique hotel in Rosslyn, VA, sold for $56.5 million or $366,883 per key.
Investment sales over the last twelve months to eighteen months have been increasing, along with an accompanying rise in per key price sales as well, according to Savills Studley Executive Managing Director Marc Magazine.
Using Real Capital Analytics data, Magazine calculates that in 2013 the average sale price for a DC area hotel was $240,048 per key. In 2014 the average price per key moved to $356,483, while in 2015 hotel sales averaged over $450,000 per key in Washington, DC.
ARLINGTON, VA--A source tells GlobeSt.com that the 338-key Westin Arlington Gateway is trading for $97.3 million or $287,722 per room. The buyer is a JV between Rockpoint Group and Highgate Holdings. JBG Cos. is the seller.
Rockpoint Group declined to comment to GlobeSt.com about this report. Highgate Holdings did not return a request for comment.
The hotel, managed by Crescent Hotels & Resorts, noted its 10 year anniversary this February. In recent years it underwent a multimillion dollar renovation, including enhancements to guest rooms, public spaces, lobby, function space and the addition of a Starbucks Café.
The hotel is also noted for a boardroom-style meeting room that, unlike the rest of the rest of the hotel's 10,000 square feet of event space, can be rented by the hour for last minute meetings.
This trade follows a handful of transactions in the Washington DC area that have occurred in quick succession.
The 57-room Graham Hotel Georgetown just traded $37 million, or $649,000 per key. Last month Le Méridien Arlington, a boutique hotel in Rosslyn, VA, sold for $56.5 million or $366,883 per key.
Investment sales over the last twelve months to eighteen months have been increasing, along with an accompanying rise in per key price sales as well, according to Savills Studley Executive Managing Director Marc Magazine.
Using Real Capital Analytics data, Magazine calculates that in 2013 the average sale price for a DC area hotel was $240,048 per key. In 2014 the average price per key moved to $356,483, while in 2015 hotel sales averaged over $450,000 per key in Washington, DC.
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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.
