ALEXANDRIA, VIRGINIA Dallas-based Crow Holdings has acquired the 496-key Hilton Alexandria Mark Center, Virginia, for US$121 million, or about US$244, per guestroom.
Crow bought the 30-story property on behalf of its real estate fund from real estate manager Amstar and management firm Davidson Hotel Co. Amstar and Davidson bought the hotel in 2006 for US$93.5 million and invested US$9.3 million to renovate it.
The hotel is adjacent to two new office towers that will be occupied by employees of the U.S. Department of Defense as part of the Base Realignment and Closure program.
“Acquiring the property at an attractive basis, improving the physical asset and streamlining operations were key enablers of adding value, while the refinancing allowed our investors to hold the asset until BRAC became a reality and catalyzed the sale,” says Amstar Executive Director Adam Minnick.
Davidson will continue to manage the hotel.
Rob Koger and David Altobello of Molinaro Koger were the listing brokers.