LaSalle to Sell Hilton Alexandria Old Town This Month for $93M
- Jun 07, 2014
By Adrian Maties, Associate Editor
The Hilton Alexandria Old Town will soon have a new owner. LaSalle Hotel Properties has entered into a definitive contract to sell the hotel for approximately $93 million.
The Hilton Alexandria Old Town hotel opened in 2000 in Alexandria’s historic King Street neighborhood. It offers 246 spacious guest rooms, including 13 executive suites, two deluxe executive suites and the Presidential Suite, with sweeping views of Old Town. Each room features flat-screen TVs, Wi-Fi and eco-friendly enhancements such as computerized thermostats, fluorescent lighting and a water-saving optional linen service.
The hotel also offers 7,600 square feet of meeting space and numerous other amenities, such as an on-site fitness center, accessible parking, a grand ballroom, a restaurant and a lounge. Located minutes from Washington, D.C., the hotel underwent a renovation that was completed in January.
LaSalle Hotel Properties purchased the Hilton Alexandria Old Town in May 2004 for $59 million. The sale to an undisclosed buyer is expected to close later this month, subject to customary closing conditions. Proceeds will be used to reduce borrowings on the company’s senior unsecured credit facility.
Marcus & Millichap reports that the hotel market in the Mid-Atlantic region registered a weaker performance in 2013. Due to the loss of government-related room demand and reduced spending by households, regional occupancy dropped to 60.1 percent. In spite of this, the Washington, D.C., area had a decent performance year, registering more occupied rooms than in 2012. Occupancy in the District increased to 76.1 percent, and is expected to see further growth this year.Photo credit: Hilton Hotels & Resorts Charts couresy of Marcus & Millichap.