Cushman and Wakefield arranges sale of Marriott in Washington DC area - Cushman & Wakefield

CUSHMAN & WAKEFIELD ARRANGES SALE OF FULL-SERVICE MARRIOTT IN THE METRO WASHINGTON, DC AREA

Cushman & Wakefield announced today that it represented an affiliate of MPI, Inc. in the $34 million ($110,000 per key) sale of the Fairfax Marriott at Fair Oaks to an undisclosed buyer.

The hotel, which is located in Fairfax, VA, contains 310 rooms and operates under a franchise affiliation with Marriott International. The hotel was sold unencumbered by management and White Lodging was appointed as operator upon sale.

Jared Kelso and Daniel Falvey of Cushman & Wakefield’s Global Hospitality group represented MPI in the transaction.

“The Fairfax Marriott is one of the premier full-service hotels in the Metro DC market,” said Kelso, a Cushman & Wakefield Managing Director. “The appetite for hotel acquisitions remains exceptional, driven by sound market fundamentals and increased availability of acquisition financing for both transitional and stabilized assets.”

The Marriott is located at 11787 Lee Jackson Highway in Fairfax, VA and is situated in the heart of Fairfax County, which is one of the leading commercial submarkets in the Metro DC area. The property was developed in 1986 and also features approximately 9,000 square feet of meeting space.