Noble Buys The Westin Reston Heights
The private equity company plans to reconfigure and renovate the 191-room hotel.
RESTON, VA–Noble Investment Group has scooped up one of the DC area’s luxury hotels with its newly-announced purchase of The Westin Reston Heights. The company plans a comprehensive guest room and public area upgrade and renovation for the hotel, whose purchase price was undisclosed. The property’s reconfiguration will offer substantial upside to Noble, principal Ben Brunt, said in a prepared statement.
JBG Cos. developed the property, which fronts the Dulles Toll Road, in 2008. The 191-room hotel was the anchor for the first phase of JBG’s 35-acre Reston Heights mixed-use development, along with a 194-unit residential tower and a 140,000-square foot office building.
Noble has made a handful of investments in the Washington DC area. Last year it acquired the Staybridge Suites Tysons-McLean in Downtown McLean. It has also acquired the 234-key Embassy Suites in Tysons, Va., for $38.8 million and two hotels — an Aloft and an Element — in Severn, Md., for a total of $29.7 million, from LTD Management.
Noble specializes in making value-added, opportunistic and income investments in upscale select service and extended-stay hotels affiliated with Marriott, Hyatt, Hilton and Intercontinental. Through its private equity real estate funds, it has invested more than $3 billion in communities throughout the US.