The Pinkard Group, Stonebridge Companies Acquire VA Hotel
The joint-venture partnership purchased the Residence Inn by Marriott Herndon Reston for $17.25 million in an off-market transaction.
HERNDON, VA – The Pinkard Group and Stonebridge Companies have acquired the Residence Inn by Marriott Herndon Reston, in a 50-50 joint-venture transaction. The partners purchased the 168-suite, extended stay hotel for $17.25 million, in an off-market transaction.
The Herndon, Virginia hotel was acquired from LNR Partners LLC, who acted as an attorney in fact on behalf of MSCI 2007-TOP27 Elden Street LLC.
The Pinkard Group and Stonebridge Companies intend to jointly invest capital into the hotel, with plans to upgrade its interior and exterior common areas, as well as its in-suite finishes.
Located at 315 Elden Street, within the Dulles Technology Corridor, the hotel is situated near numerous Fortune 500 technology companies, the National Counterterrorism Center, Reston Hospital Center, Reston Town Center and Dulles Airport.
The transaction represents The Pinkard Group’s fifth investment in the Reston-Herndon submarket since 2010. The acquisition also represents the company’s seventh investment in The Pinkard Fund II; the second in a series of commingled funds for high-net-worth investors.
The transaction marks Stonebridge Companies’ second acquisition within the area, as the company aims to expand its presence in Virginia and the Washington DC area. The acquisition follows the firm’s recent purchase of the Residence Inn by Marriott Washington Capitol Hill / Navy Yard.
Stonebridge Companies will manage the newly acquired hotel.
The joint-venture partnership obtained financing from Fulton Bank to acquire the property.
The Pinkard Group is a regional, private real estate investment group and development company that serves the greater Washington DC metropolitan area and operates across a range of property types.
Stonebridge Companies is a privately-owned hotel owner, operator and developer, headquartered in Denver, CO. Established in 1991, the company manages a diverse portfolio of hotels throughout the US, including select-service, extended stay, mid-scale and full-service hotels.