AC Hotel & Residence Inn Coming to Reston Town Center
Artemis Real Estate Partners is the lender, providing a four-year loan with extension options.
Both the AC Hotel and Residence Inn chains are part of Marriott, a multinational company that operates 30 hotel brands. Marriott is headquartered in Bethesda, Md.
“The strength of the Marriott brands helped to provide opportunity to achieve a loan for a ground-up hotel construction,” Thomas Penny, president of Donohoe Hospitality, told Commercial Observer. “Artemis was able to provide a structure consistent with our business plan while addressing the complications associated with financing a component of a larger development.”
Donohoe is developing the dual-brand hotel through a ground-lease agreement with BXP, the master developer of the mixed-use complex. Reston Town Center spans 4.6 million square feet of office space and 450,000 square feet of retail and restaurants. Another 1.1 million square feet is being developed by Boston Properties.
The Residence Inn will feature 120 rooms, while the more upscale AC Hotel will offer 147 rooms. The site will have a rooftop bar and lounge with views of Northern Virginia and 34,000 square feet of street-level retail and restaurant space.
“AC Hotel/Residence Inn Reston Town Center will be the first new hotel to open in the Dulles corridor since 2008 and in Reston Town Center since 1990,” Penny said. “Its location at the epicenter of Reston and adjacent to the new Metro Silver line provides prime access to a robust corporate presence, abundant retail and restaurant amenities, Dulles airport, and the greater D.C. area.”
Donohoe was represented in the deal by Jamie Leachman and Chris Hew of JLL.
The project is expected to be complete in 2024.
Keith Loria can be reached at Kloria@commercialobserver.com.