Lerner Sells Greenbelt Marriott For $18M
The 284-room Greenbelt Marriott hotel has come under new ownership and will soon be renovated and rebranded.
Lerner Enterprises sold the hotel, at 6400 Ivy Lane in Greenbelt, to Australia-based SB&G Hotel Group, with Savills Studley brokering the deal. The sale closed last month for about $18M, property records show.
“The successful sale of the Greenbelt Marriott is evidence of the continued interest in Greater Washington, D.C., particularly to new buyers seeking entry into this dynamic market,” Savills Studley's Marc Magazine, who brokered the deal with Tom Baker, said in a release.
The deal marks the fourth U.S. acquisition for SB&G Hotel Group, which invested $325M last year in hotels in New York City, Dallas and Charlotte. The new owner plans to renovate the property and rebrand it as the Crowne Plaza Greenbelt, a flag under the umbrella of InterContinental Hotel Group. Valor Hospitality Partners will manage the hotel.
The hotel features 11,200 SF of meeting space across 10 conference rooms. Lerner renovated the property in 2005 to install flat-screen televisions in the guest rooms, add a lounge bar and Starbucks. It sits near the intersection of the Beltway and Kenilworth Avenue, just over a mile from the Greenbelt Metro station.