The Courtyard by Marriott (NASDAQ: MAR) Springfield has sold to an Arlington company, which cites the incoming headquarters of the Transportation Security Administration as a driving factor in the buy.
The 191-key, 108,000-square-foot hotel, located at 6710 Commerce St., sold in May for $20.2 million to real estate investment firm Excel Group. The seller, per Fairfax County records, was Regua LP.
“This transaction represented a unique opportunity to acquire a premium-branded select-service hotel in a high-growth DC metro submarket, in close proximity to Fort Belvoir and the new 625,000 SF TSA Headquarters slated to open in 2020,” Excel Managing Partner Shoham Amin said in a release.
Excel Group owns 37 hotels across 12 states, including the Hyatt Place Herndon Dulles East, Hyatt Place NoMa and Residence Inn Springfield.
Boston Properties (NYSE: BXP) is developing the $313.7 million TSA headquarters on a site near the Franconia-Springfield Metro, behind the General Services Administration’s…Read the full story from the Washington Business Journal.