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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.