Private Equity Firm Buys DC-Area Hotel for $19M
Arlington, Va.-based Excel Group has purchased Hyatt Place Washington Dulles Airport East from “an institutional seller,” according to a press release from Hunter Hotel Advisors, which represented the seller.
The private equity firm bought the 151-room hotel, located at 13711 Sayward Boulevard, for $19 million, a source familiar with the deal told Commercial Observer.
The deal closed on Dec. 20, 2018, according to a Hunter spokeswoman, who would not disclose the seller’s identity.
Less than a mile from Dulles International Airport, the property is in close proximity to “over 35 million square feet of new mixed-use projects” catalyzed by a 23-mile Metrorail extension that’s slated to open next year, according to the release.
“This acquisition is well aligned with our overall investment strategy of acquiring premium-branded select-service assets in strong markets,” Shoham Amin, the founder and principal of Excel Group, said in a prepared statement.
In the release, Teague Hunter, the president of Hunter Hotel Advisors, congratulated the seller and Excel Group “on the successful transaction.”