WASHINGTON — Xenia Hotels & Resorts has acquired the Ritz-Carlton Hotel in Pentagon City for $105 million in cash.
It is the Orlando-based hotel owner’s first purchase of a Ritz-Carlton, but it extends its long-standing relationship with Ritz-Carlton parent company Marriott International.
“We are pleased to add the Ritz-Carlton Pentagon City to our portfolio of high-quality hotels and resorts as we continue to increase our concentration in the luxury and upper upscale segments through the acquisition of our first Ritz-Carlton,” said Marcel Verbaas, president and CEO of Xenia, about the Arlington County, Virginia, purchase.
“The hotel’s excellent location and exposure to a diverse set of demand generators in the Arlington and Washington, D.C. markets, its strong in-place cash flow and our ability to acquire the hotel at an attractive valuation were key considerations in our decision to acquire this outstanding asset,” he said.
The 18-story Pentagon City Ritz has 365 rooms and 19,000 square feet of meeting space.
It recently underwent an $11 million renovation of its guest rooms and club lounge.
The Pentagon City Ritz-Carlton connects directly to the Fashion Centre at Pentagon City. The mall itself recently underwent a $90 million renovation and got a 52,000-square-foot expansion.
Xenia owns 39 hotels, including the Hilton Garden Inn in downtown DC, and the Lorien Hotel & Spa in Alexandria.
