ARLINGTON, VA–JLL announced it has arranged the sale of the Westin Crystal City on behalf of the Rockpoint Group. The buyer was AVR Realty Co./Allan V. Rose. The purchase price was not announced, although JLL noted that it also secured $54 million in acquisition financing from Cantor Commercial Real Estate.
A source has told GlobeSt.com that it traded for $83 million, or approximately $377,273 per unit.
Jeffrey Davis and Vice President Brady Rice led the JLL team on the sale and Matt Nowaczyk led the financing efforts.
The 220-key Westin Crystal City, which underwent a comprehensive renovation in 2014, is located a short distance from the Crystal City Metro and three miles from the White House and Capitol building. The hotel has 16,000 square feet of meeting and event space.
The last time the property sold was in 2015 for $70 million.
Rockpoint has been active in the Washington DC market in recent months, acquiring Tysons International Plaza for approximately $132 million and Tysons Dulles Plaza for $130.3 million.
A source tells us that Rockpoint is also acquiring the Sheraton Suites Alexandria for $54.7 million, or $221,457 per unit.The 247-key hotel last traded in 2007 for $78.6 million.
ARLINGTON, VA–JLL announced it has arranged the sale of the Westin Crystal City on behalf of the Rockpoint Group. The buyer was AVR Realty Co./Allan V. Rose. The purchase price was not announced, although JLL noted that it also secured $54 million in acquisition financing from Cantor Commercial Real Estate.
A source has told GlobeSt.com that it traded for $83 million, or approximately $377,273 per unit.
Jeffrey Davis and Vice President Brady Rice led the JLL team on the sale and Matt Nowaczyk led the financing efforts.
The 220-key Westin Crystal City, which underwent a comprehensive renovation in 2014, is located a short distance from the Crystal City Metro and three miles from the White House and Capitol building. The hotel has 16,000 square feet of meeting and event space.
The last time the property sold was in 2015 for $70 million.
Rockpoint has been active in the Washington DC market in recent months, acquiring Tysons International Plaza for approximately $132 million and Tysons Dulles Plaza for $130.3 million.
A source tells us that Rockpoint is also acquiring the Sheraton Suites Alexandria for $54.7 million, or $221,457 per unit.The 247-key hotel last traded in 2007 for $78.6 million.
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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.
