ALEXANDRIA, VA-The Hilton Alexandria Mark Center here has traded for $121 million. Amstar sold the 496-key, full-service hotel to Crow Holdings, which acquired it via its latest real estate fund, Crow Holdings Realty Partners V L.P.
Amstar picked up the 30-story hotel with management partner, Davidson Hotel Co., in June 2005 for $93.2 million. The property underwent a $9.3-million renovation. Amstar refinanced the hotel in 2007. Davidson will continue to manage the property under its new ownership. Rob Koger and David Altobello of Molinaro Koger marketed the transaction.
There is a value-add element to the acquisition as there are two office towers under construction next to building. These total approximately 1.4 million square feet. This year the first of 6,400 Department of Defense employees will begin working out of this new office space as part of the Defense Department’s consolidation in Northern Virginia. The hotel has 55,000 square feet of indoor and outdoor meeting space including a 9,000-square-foot, IACC-approved Executive Meeting Center and 10,000 square feet of lakeside event space.
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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.
