HFF announces sale and financing of The Westin Tysons Corner in Falls Church, Virginia
NEW YORK, NY – March 12, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and acquisition financing of The Westin Tysons Corner, a 407-room, recently renovated, premium-branded, full-service hotel in Tysons Corner, the “Downtown” of Fairfax County, Virginia.
The HFF team marketed the property on behalf of the seller, a leading special servicer, and Driftwood Acquisitions & Development, LP (DAD) purchased the property. Additionally, the HFF team arranged the competitive 10-year, fixed-rate acquisition financing.
The Westin Tysons Corner is located at 7801 Leesburg Pike within the Tysons Corner office submarket, the largest office market in Virginia and the 13th largest CBD in the U.S. The hotel is in a transit-oriented location at the confluence of some of Northern Virginia’s most significant arterials, Interstate 495 (Capital Beltway), Route 7 (Leesburg Pike), Route 123 (Chain Bridge Road) and Interstate 66, and proximate to the largest airport in the Washington, D.C. area, Dulles International Airport. Originally constructed as a Ramada in 1972, the property was converted into a Westin in 2005 and has undergone nearly $9 million in capital expenditures since 2011. The hotel features more than 12,000 square feet of meeting and event space, a 24-hour fitness studio, indoor pool and whirlpool and four food and beverage options, Sushi Nami, Blu Bar & Lounge, the Chop N’ Room and Starbucks Café.
The HFF advisory and debt placement teams representing the seller included executive managing director and co-head of HFF’s debt placement and loan sales platform Gerard Sansosti, senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Brock Cannon and senior directors Cyrus Vazifdar and KC Patel.
“The Washington, D.C. MSA continues to be highly sought after by institutional hotel investors, and Tysons Corner is one of the market’s best stories,” Vazifdar said. “We anticipate continued growth throughout the region and strong fundamentals in the hotel space over the coming years.”
About Driftwood Acquisitions & Development, LP
Driftwood Acquisitions & Development, LP – known as DAD to its investors and associates – is a Miami, Florida-based company with a first-of-its-kind business model, providing the perfect vehicle for accredited investors to co-invest in institutional quality cash flowing hotel assets. The company finds and quickly acquires the best opportunities in the U.S. hotel market with its own capital. Once these hotels are secured and under management, DAD opens each asset to individual clients to participate, allowing the investor to build his or her own portfolio rather than investing in traditional blind pools. This eliminates risk factors and uncertainty, providing an innovative vehicle to strategically invest in hotel opportunities.
In addition to this acquisitions business model, DAD is a reputable leader in the EB-5 Investor program, a government initiative to attract foreign investment to create jobs in the U.S. Through this program, DAD has helped foreign investors get their U.S. residency and created hundreds of jobs in South Florida by developing EB-5 qualified hotels.
Since launching in 2015, DAD has seen continued solid growth. The company’s portfolio today totals 14 acquisitions and four new-build developments, with a pipeline of many other diverse hotel and resort properties across the United States.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.