A fund affiliated with JBG Smith Properties (NYSE: JBGS) has sold a Crystal City hotel about a mile from where the Bethesda-based developer is working with Amazon.com Inc. (NASDAQ: AMZN) to build the first of HQ2’s planned buildings, according to Arlington County land records.
JBG Crystal City Hotel LLC sold the Hilton Crystal City at Washington Reagan National Airport Nov. 26 to an affiliate of Miami-based Starwood Capital Group for $73 million, a representative for JBG Smith confirmed Tuesday. The 12-story, 393-room hotel at 2399 Richmond Highway is one of several properties The JBG Cos. held in a fund it raised prior to its 2017 merger with Vornado Realty Trust’s D.C. business (NYSE: VNO) to form JBG Smith.
Representatives for Starwood Capital could not be reached for comment.
JBG Smith has been in the process of winding down those funds, and it recently sold a Centerville shopping center that is home to Korean spa Spa World for $55.35 million as part of that same effort. JBG was…Read the full story from the Washington Business Journal.