Tuesday June 4th, 2013 - 10:55AM
WASHINGTON, DC—Savills Hospitality Group has sold the Sheraton Washington North Hotel. This institutional-quality asset is located in an expanding market just north of Washington, DC.
The 207-room, nine-story hotel—situated at 4095 Powder Mill Road in Beltsville, MD—features 5,410 sq. ft. of meeting space, a 60-seat restaurant, a Club Lounge and a newly renovated fitness center.
The hotel was sold fee simple and unencumbered by management.
Savills Hospitality Group was the exclusive representative of the seller, The Carlyle Group. The hotel was acquired by Los Angeles-based Laurus Corporation.
"This is a transaction that benefits both parties,” Tom Baker, managing director of the Savills Hospitality Group, said in a statement. “Carlyle sells a non-core asset and Laurus Corporation acquires its second asset in the Baltimore-Washington corridor."