Full Service Hotel Sold for $121 Million in Washington

January 10, 2011 / Elizabeth Buckley, Commercial Property Analyst

A full service hotel, Hilton Alexandria Mark Center is sold by Amstar, real estate investment firm, with about $2.5 billion in assets under management in retail, multifamily, office, and hospitality, for about $121 million. The full service hotel, located at 5000 Seminary Road Washington, D.C is purchased by Dallas-based Crow Holdings Realty.

Full Service Hotel Sold for $121 Million in Washington

In 2005, Amstar together with Davidson Hotel Company, an operator of hotels and resorts across the United States top acquired the full service hotel in a joint venture, with the purchase price of $93.2 million. In 2006, the company completed a full renovation of the hotel, and refinances it in 2007, which allows full the return of investment to its investors.

Davidson Hotel Company will maintain its management of the Hilton Alexandria Mark Center.

According to a press release, the full service hotel performed well during the recent recession, which provides the basis for the property’s successful sale.

Adam Minnick, Amstar Executive Director said, Hilton Alexandria is a case study for the company’s marketing strategy.

Currently, two office towers with a total of 1.4 million square feet are under construction adjacent to the full service hotel, and will add to th existing number of office space, restaurants, and multi-family space in Mark Center.

The first 6,400 Department of Defense employees will start working out of the new office space near Mark Center as part of a major merge of DoD staffs in Northern Virginia.

The full service hotel is located just four miles away from Regan Washington National Airport in the Mark Center mix-used development.

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