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 •
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