DC-Area Marriott Hotel Changes Hands
- Jan 17, 2018
A joint venture of Blue Vista Capital Management and The LCP Group LP has acquired the Fairfax Marriott at Fair Oaks in Fairfax, Va. The 316-key hotel will be managed by Crescent Hotels & Resorts LLC.
“In partnership with LCP, we were able to identify a unique value-add opportunity,” said Jason Schwartz, principal at Blue Vista, in prepared remarks. “Installing LCP’s affiliate manager, Crescent Hotels & Resorts LLC as the hotel’s manager further enhances our partnership’s ability to execute a turnaround of the hotel’s operations given Crescent’s extensive presence in the D.C. market.”
The site at 11787 Lee Jackson Memorial Hwy. is a 15-mile drive from Washington Dulles International Airport and is in close proximity to George Mason University. Retail, dining and leisure amenities are available at the nearby Fair Oaks Mall.
The six-story building comprises 15,000 square feet of meeting space and a 703 Bar + Kitchen, meeting the features of a full-service Marriott hotel. Other on-site amenities include valet dry-cleaning, fitness center, parking and car rental services.
“We capitalized on an opportunity to enhance the asset’s value through a strategic repositioning of the hotel’s sales and marketing program, which had been underperforming its potential,” said Francis Lively, chief operating officer of LCP, in a prepared statement.
At the end of last year, Marriott International announced its plans to expand its luxury footprint with the opening of 40 hotels in 2018.
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