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A Greenwich, Connecticut-based real estate investment firm has acquired a 316-room hotel near Dulles International Airport.
Wheelock Street Capital acquired the Hyatt Regency Dulles at 2300 Dulles Corner Blvd. last month for $47.1M, property records show. The property last sold for $73.9M in 2008 to Thayer Lodging, a hospitality investor that was acquired in 2014 by Brookfield Property Group.
HFF's Steven Klein and Chris Hew arranged $40M in acquisition financing for Wheelock. The investment firm, founded in 2008 by Rick Kleeman and Jonathan Paul, is currently investing its fifth fund with $725M of commitments.
The 13-story Hyatt Regency Dulles sits on a 6.4-acre site next to the intersection of the Dulles Toll Road and Route 28, directly to the east of Dulles International Airport. A 225K SF office building next to the hotel, Dulles Metro Center, sold in April to Monday Properties for $71.5M. The property is next to the future Innovation Center Silver Line station and across the Toll Road from the 26-acre Center for Innovative Technology campus, a potential landing spot for Amazon HQ2.
The property was renovated in 2014 to add 29K SF of meeting and event space, including a ballroom and outdoor reception area. The hotel has since hosted large events such as last week's Campus Safety Conference. It also features a full-service restaurant, coffee shop and lobby bar, a fitness center, indoor pool and hot tub.
Those amenities and the potential future demand drivers of the Silver Line and Amazon were not enough to prevent the hotel from experiencing a significant price cut, with its latest deal valuing the property at 36% less than what it sold for 10 years ago.
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