RLJ Lodging expects the 186-room hotel to generate net operating income growth between 8% and 8.5%.
The developer is using proceeds from a $350M refinancing deal led by Blackstone to kick off the next phase of development at Reston Station.
Tenth Street Ventures will turn the existing Master Mind building into a café and lobby for the new development.
Long escrows and lots of hoops to jump through are some of the challenges for prospective Project Homekey sites.
The luxury retailer's plans for a hotel were overturned in an election.
The development is forging ahead after an application was denied to include the buildings on the property within the neighborhood's historic district.
Carmel Partners bought the property at auction for $152M in 2021 and filed plans to demolish the hotel for a multifamily project.
Parx Casino's ownership is parking plans for a multimillion-dollar ground-up hotel, instead purchasing an adjacent property it intends to renovate.
The distress hunter has bagged another trophy, this one a large hotel in Midtown East.
Although Landsec had to write down asset values again, it said that divestments have put it in position to start acquiring again.
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