Berkadia announced today the $30 million sale for Embassy Suites and Homewood Suites Dulles North, a 244-room suites product dual brand property in Ashburn, Virginia. Managing Director Dan Hawkins, Senior Director John Testerman and Associate Director John Kluh of Berkadia Hotels & Hospitality completed the sale on behalf of the seller, Maryland-based The Buccini/Pollin Group. The deal closed on May 28.
“This was a tremendous opportunity for our client to exit a dual brand property that they originally developed at a time when the market was starved for premium product,” said Hawkins. “When we went under contract, this was the only dual brand hotel on the market in the entire country and it was very well received by buyers because of its strong historical cash flows and market positioning. Upon a comprehensive change of ownership and property improvement plans, the buyer will greatly benefit, as these assets will be positioned to further out-perform the market for years to come.”
Located at 44610 and 44620 Waxpool Road, the Embassy Suites and Homewood Suites hotels offer both single rooms and suites. Amenities include an outdoor pool, fitness center, on-site restaurant, complimentary airport shuttle, pet friendly rooms and flexible meeting space. The dual brand property is conveniently located three miles north of Washington Dulles International Airport and just a 30-minute drive from Washington D.C.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.