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HREC Arranges $22M Sale of Embassy Suites Dulles Airport in Virginia
HREC Investment Advisors arranged the sale of the 150-suite Embassy Suites Dulles Airport, situated at 13341 Woodland Park Road, Herndon, Virginia.
Ashford Hospitality Trust, Inc. completed the sale of the hotel through its indirect subsidiary, Ashford Dulles LP. The hotel was sold for cash consideration of approximately $22.3 million, net of selling expenses, and the company paid approximately $20.6 million to the mortgage lender on a loan secured by 13 hotels, including the Embassy Suites.
HREC Investment Advisors exclusively represented the seller, Ashford Hospitality Trust, in the transaction. The marketing and negotiations were led by Scott Stephens, Mark Morris, and Dana Weinberg. “This hotel attracted tremendous interest from across the country,” said Morris. “Interestingly, our top bidders were metro DC-based companies who recognize the long-term value of this hotel.”
The Embassy Suites benefits from strong connectivity to major corporate demand generators in the Dulles submarket, including Amazon Web Services, Lockheed Martin, Airbus Americas, Peraton, and Walmart.
