VIENNA, VIRGINIA FelCor Lodging Trust Inc. has sold the 443-key Sheraton Premiere Hotel at Tysons Corner in Vienna, Virginia, to The JBG Cos. for US$84.5 million cash.
The property was owned in a joint venture between FelCor and Starwood Hotels & Resorts Worldwide Inc. FelCor receives US$42.25 million in gross proceeds, and there was no debt associated with the hotel. The sale price represents a per-key price of US$191,000 and is approximately 23 times the trailing-12-month hotel EBITDA.
The hotel will continue to be managed by Starwood Hotels & Resorts Worldwide as a Sheraton under a long-term management contract.
Molinaro Koger represented FelCor in the transaction.
FelCor owns interests in 83 hotels and resorts, located in 22 states and Canada. FelCor’s portfolio is flagged under brands Embassy Suites Hotels, Doubletree, Hilton, Marriott, Renaissance, Fairmont, Sheraton, Westin and Holiday Inn.
Chevy Chase, Maryland-based JBG is a developer, owner and operator of office, residential, hotel and retail properties, with more than US$10 billion in assets under management and development.