HFF announces sale of full-service hotel in Northern Virginia
WASHINGTON, D.C. – March 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Sheraton Reston Hotel, a 298-room, full-service hotel in a growing submarket in the Washington, D.C. suburb of Reston, Virginia.
The HFF team marketed the property on behalf of the seller. DoveHill Capital Management purchased the hotel unencumbered by an existing management agreement. Wurzak Hotel Group will manage the hotel.
Originally opened in 1973, the six-story Sheraton Reston Hotel was substantially renovated in 2014 to upgrade the guestrooms and 22,000 square feet of meeting space, renovate the restaurant lounge, update the lobby to incorporate a grab-and-go food and beverage market and expand the club lounge. Additional hotel features include the Syrah Restaurant and Cosmopolitan Lounge, a state-of-the-art fitness center, outdoor pool with sun deck, business center and views of the adjacent Reston National Golf Course. Situated at 11810 Sunrise Valley Drive, the hotel is in Reston, the second largest office market in Fairfax County, and in the heart of the Reston Master Plan, which consists of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of retail. The hotel is highly visible from one of the most heavily trafficked thoroughfares in Northern Virginia directly off the Dulles Roll Road one mile to the Wiehle-Reston East Metrorail Station (Silver Line), which connects the hotel to the entire D.C. MSA.
The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.
“Reston’s growth has been prolific over the past cycle, and we expect the market to continue to mature with the tremendous scale of current development,” Vazifdar said. “Reston’s existing hotel stock will benefit greatly from the market’s continued evolution.”
About DoveHill Capital Management
DoveHill Capital Management is an independent real estate investment company founded in 2010 by Howard Wurzak and Jake Wurzak. Howard and Jake collectively have 50 years of experience in underwriting, acquiring, redeveloping, developing and repositioning of real estate projects. For the past 17 years, their focus has been the hospitality sector, and they have demonstrated an ability to excel using a low cost-basis, value- enhancing, institutional-quality approach to the development of hotel projects.
DoveHill has an extensive locally based infrastructure and a network of professionals, which allows them to create compelling investment opportunities in the hospitality sector by developing and repositioning deals at a cost basis below the competition. DoveHill benefits from the unique reputation enjoyed by its associated company, Wurzak Hotel Group, and uses the company to provide guidance in underwriting and strategy and also to develop and manage the hotel projects. For more information, visit dovehillcos.com.
About Wurzak Hotel Group
The Wurzak Hotel Group (“WHG”) is a Philadelphia-based, vertically integrated owner, developer and operator of premium branded full service, extended stay and focus service hotels. WHG’s core expertise is its unique ability to develop and operate hotels and food and beverage outlets in an entrepreneurial manner maximizing returns on the investment and developing long-term relationships with customers. WHG gains its competitive advantage by developing talent within the organization who embody the same entrepreneurial spirit of its leadership team and who seek to create value through tireless innovation and a tight focus on the operational details. For more information, visit wurzakhotels.com.
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.