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HERNDON, VA-Ashford Hospitality Inc. is now the official owner of the 316-unit Hyatt Dulles The firm purchased the property from Colony Capital LLC affiliate Dulles Airport Hotel LLC for approximately $73 million. The firm first announced the acquisition in late September.

A $5-million renovation of the 14-story tower was completed before the closing. Ashford is in the midst of upgrading the restaurant and public areas, and is considering an expansion of the lodging facility’s offering of 17,400 sf of meeting space.

Hyatt Dulles’ address of 2300 Dulles Corner Rd. places it near Washington Dulles International Airport and the Smithsonian Air & Space Museum annex. The building was developed in 1989 and underwent upgrades in 1997.

“The hotel’s strong brand and location, along with the recent renovations, position the property to increase penetration in what is already a double-digit RevPAR growth market,” says Dallas-based Ashford president and CEO Monty J. Bennett. The property will continue to operate under the Hyatt flag, with Hyatt continuing its management role under a long-term contract.

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