Residence Inn by MarriottHerndon Reston

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HERNDON, VA – The Pinkard Group and Stonebridge Companies haveacquired the Residence Inn by Marriott Herndon Reston, in a 50-50joint-venture transaction.  The partners purchased the168-suite, extended stay hotel for $17.25 million, in an off-markettransaction.

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The Herndon, Virginia hotel was acquired from LNR Partners LLC,who acted as an attorney in fact on behalf of MSCI 2007-TOP27 EldenStreet LLC.

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The Pinkard Group and Stonebridge Companies intend to jointlyinvest capital into the hotel, with plans to upgrade its interiorand exterior common areas, as well as its in-suite finishes.

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Located at 315 Elden Street, within the Dulles TechnologyCorridor, the hotel is situated near numerous Fortune 500technology companies, the National Counterterrorism Center, RestonHospital Center, Reston Town Center and Dulles Airport.

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The transaction represents The Pinkard Group's fifth investmentin the Reston-Herndon submarket since 2010. The acquisition alsorepresents the company's seventh investment in The Pinkard Fund II;the second in a series of commingled funds for high-net-worthinvestors.

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The transaction marks Stonebridge Companies' second acquisitionwithin the area, as the company aims to expand its presence inVirginia and the Washington DC area. The acquisition follows thefirm's recent purchase of the Residence Inn by Marriott WashingtonCapitol Hill / Navy Yard.

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Stonebridge Companies will manage the newly acquired hotel.

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The joint-venture partnership obtained financing from FultonBank to acquire the property.

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The Pinkard Group is a regional, private real estate investmentgroup and development company that serves the greater Washington DCmetropolitan area and operates across a range of propertytypes.

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Stonebridge Companies is a privately-owned hotel owner, operatorand developer, headquartered in Denver, CO. Established in 1991,the company manages a diverse portfolio of hotels throughout theUS, including select-service, extended stay, mid-scale andfull-service hotels.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.