AVR Snags $72M VA Hotel
- Jan 30, 2018
AVR Acquisition Corp. has purchased the Residence Inn Alexandria Old Town/Duke Street, in Alexandria, Va., for $72 million. SVN|Hamm & Co. represented the buyer in the transaction.
Located at 1456 Duke St., the 240-key hotel comprises 257,000 square feet. The pet-friendly location features free Wi-Fi, fully equipped kitchens, a grocery shopping service, free breakfast buffet, fitness center, weekly social events and six event rooms totaling 3,549 square feet. The extended-stay hotel is within close proximity to Mount Vernon, National Harbor, Washington, D.C. and Ronald Reagan Washington National Airport.
AVR plans to renovate and upgrade the property, with the goal of making this acquisition a long-term investment.
“The purchase of this property was a synergistic investment for the buyer, considering the other properties in their portfolio,” said Tom Hamm, managing director of SVN|Hamm & Co., in prepared remarks.
Another Virginia Marriott was sold recently to a joint venture of Blue Vista Capital Management and The LCP Group LP. The companies acquired Fairfax Marriott at Fair Oaks, a 316-key Fairfax, Va., hotel at 11787 Lee Jackson Memorial Hwy.
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