Laurus Corporation Acquires Sheraton in DC Area
Monday June 17th, 2013 - 11:33AM EH
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LOS ANGELES—Laurus Corporation, based here, has acquired the Sheraton Washington North Hotel in Beltsville, MD, a submarket of Washington, DC.
The nine-story, full-service hotel, situated on 5.78 acres, is an institutional quality asset, and features 207 guestrooms and approximately 5,410 sq. ft. of flexible meeting space. Additional amenities include a 3-meal restaurant and bar, a club lounge, a newly renovated fitness center, a business center and an outdoor swimming pool and sundeck.
The hotel is located in close proximity to major employers in the greater Washington, DC-area and is adjacent to the FDA's campus at White Oak, University of Maryland at College Park, USDA and the Beltsville Agricultural Research Center.
Laurus Corporation plans to bring in a new operator.
This is the sixth capital allocation for Laurus’ Ethika fund, and the company’s second acquisition in this market this year.
Tags: • Hospitality • Acquisitions • Ownership •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.