DoveHill Capital Buys Sheraton Reston Hotel in Northern Virginia

March 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Sheraton Reston Hotel, a 298-room, full-service hotel in a growing submarket in the Washington, D.C. suburb...
sheraton reston

March 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Sheraton Reston Hotel, a 298-room, full-service hotel in a growing submarket in the Washington, D.C. suburb of Reston, Virginia.

The HFF team marketed the property on behalf of the seller. DoveHill Capital Management purchased the hotel unencumbered by an existing management agreement. Wurzak Hotel Group will manage the hotel.

Originally opened in 1973, the six-story Sheraton Reston Hotel was substantially renovated in 2014 to upgrade the guestrooms and 22,000 square feet of meeting space, renovate the restaurant lounge, update the lobby to incorporate a grab-and-go food and beverage market and expand the club lounge. Additional hotel features include the Syrah Restaurant and Cosmopolitan Lounge, a state-of-the-art fitness center, outdoor pool with sun deck, business center and views of the adjacent Reston National Golf Course. Situated at 11810 Sunrise Valley Drive, the hotel is in Reston, the second largest office market in Fairfax County, and in the heart of the Reston Master Plan, which consists of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of retail. The hotel is highly visible from one of the most heavily trafficked thoroughfares in Northern Virginia directly off the Dulles Roll Road one mile to the Wiehle-Reston East Metrorail Station (Silver Line), which connects the hotel to the entire D.C. MSA.

The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.

“Reston’s growth has been prolific over the past cycle, and we expect the market to continue to mature with the tremendous scale of current development,” Vazifdar said. “Reston’s existing hotel stock will benefit greatly from the market’s continued evolution.”

 

Categories
AcquisitionCommercialDealsHospitalityNationalSouthWashington D.C.

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