DC-Area Westin Hotel Changes Hands for $62M
- Mar 14, 2018
Driftwood Acquisitions & Development LP has purchased The Westin Tysons Corner, a 407-key premium-branded, full-service hotel located in Tysons Corner, Va. According to public records, the asset traded for $62 million. HFF worked on behalf of the seller and arranged the additional 10-year, fixed-rate acquisition financing.
The hotel is located at 7801 Leesburg Pike, between Falls Church, Va. and Tysons, Va. Tysons Corner is the largest office submarket in Virginia, ranking 13th in the U.S. The transit-oriented property is situated near numerous major arteries, such as interstates 495 and 66, along with routes 7 and 123, while D.C.’s Dulles International Airport is a 20-minute drive away.
Constructed in 1972 as a Ramada, the hotel became a Westin in 2005. Since 2011, it has undergone renovations of roughly $9 million. The Westin Tysons Corner offers amenities such as:
- 12,000 square feet of meeting and event space
- 24-hour fitness studio
- indoor pool and whirlpool
- four food and beverage options, including a Starbucks
HFF’s team handling the sale and debt placement included Managing Directors Gerard Sansosti and Brock Cannon, Senior Managing Director Daniel Peek, along with Senior Directors Cyrus Vazifdar and KC Patel.
Image via Google Street View