Prospect Ridge Buys NoVA Marriott Hotel for $64M

The perennially busy market in Tysons, Va., had a final eight-figure hotel sale before crossing into the new year. 

An affiliate of New York-based investment firm Prospect Ridge purchased the 396-key Tysons Corner Marriott from an affiliate of Rockwood Capital for $63.9 million in early December, according to Fairfax County property records. The Business Journals first reported the news. 

Rockwood acquired the hotel at 8028 Leesburg Pike in 2018 for about $60.2 million, records show. The property received about $25 million worth of upgrades in 2022, including renovations to its guest rooms and fitness center, plus a new restaurant and bar. 

Representatives for Rockwood and Prospect Ridge did not immediately respond to requests for comment. 

The hotel sale comes as little surprise, as Tysons and its surrounding area have experienced a big wave of development and investment activity in recent years. In late November, Northern Virginia-based Rushmark Properties paid $18.5 million for a 1.3-acre lot at 1750 Chain Bridge Road with plans to build a 25-story, 447-unit apartment tower on the property. 

Also, NRP Group secured a $94.3 million refinancing of The Rylan, a 390-unit luxury apartment building just a few miles northeast of Rushmark’s new lot, which NRP acquired from a subsidiary of KeyBank in August. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.