DENVER—HREC Investment Advisors recently arranged the sale of the 191-guestroom Courtyard by Marriott Springfield in Springfield, Virginia—a hotel located immediately off I-95, just outside of the I-495 outer loop of Washington, D.C.
HREC Investment Advisors exclusively represented the seller during the transaction. The marketing, negotiations, and final sale of the Courtyard by Marriott Springfield were led by Ketan Patel, managing director in the Washington, D.C., office; Mike Armstrong, principal in the San Diego office; and Dana Weinberg, an affiliate broker in Virginia.
“The sale of the Courtyard Springfield represents the fourth recent sale HREC has completed in the D.C. metro area,” Patel said. “Interest for hotel properties in the D.C. metro area is robust and, as a result, we received strong interest for this asset, allowing us to run a very competitive process.”
The Courtyard by Marriott Springfield is strategically located directly off the interchange of I-95, I-395, and I-495 (i.e., the Capital Beltway). The Northern Virginia lodging market benefits from its proximity to the high concentration of government agencies including Fort Belvoir, Washington, D.C., the Pentagon, CIA, Quantico, and many companies that serve them, providing year-round demand for room nights. The property is also a stone’s throw away from the Springfield Mall, which was revamped three years ago and now has plans for substantial mixed-use redevelopment of the adjacent parking lots with retail, office, and residential.
