Buying and Selling: Hotels Change Hands

NATIONAL REPORT—Hotel Business takes a look at some recent hotel transactions. Here are three of them:

Staybridge Suites Tysons Corner – McLean

Noble Investment Group has acquired the Staybridge Suites Tysons-McLean. The newly renovated, all-suite, extended-stay hotel is located in downtown McLean, VA, part of the greater Tysons Corner market of Washington, DC.

The hotel has 142 suites each equipped with a full kitchen and flexible workspace; complimentary high-speed wireless internet access; a fully equipped, 24-hour business and fitness center; and a complimentary buffet breakfast. The pet-friendly hotel also offers a local shuttle, self-laundry facilities and a complimentary evening social. Other amenities include an outdoor swimming pool, fire pit, and patio complete with barbecue grills.

“The Staybridge Suites Tysons-McLean presented us the opportunity to acquire a first-class physical asset in a high barrier to entry market with deep and diversified demand generators,” said Noble VP Dustin Fisher. “The property benefits from its close proximity to the corporate demand of Tysons Corner, easy access to the Washington, DC central business district and a highly affluent surrounding residential community of McLean.”

Wyndham Garden State Capitol Hotel

Hunter Hotel Advisors has represented Liberty Group in the sale of the Wyndham Garden State Capitol Hotel in Tallahassee, FL. The four-story, 148-room hotel was sold to AD1 Global for a purchase price of $6,050,000. The property was sold on a land lease with estimated room revenue of $3.4 million in 2017.

The Dalles Inn

Crystal Investment Property LLC has structured the sale of The Dalles Inn in The Dalles, OR. CIP exclusively represented the seller in the sale. The 64-key property sits off Highway 84 with proximity to shops, restaurants, businesses and visibility from Interstate 84.

Joseph P. Kennedy, president of CIP, worked closely with the seller and buyer as well as lenders and others to negotiate a mutually acceptable sale. The final sale price was confidential.