Cushman & Wakefield announced today that it represented an affiliate of MPI, Inc. in the $34 million ($110,000 per key) sale of the Fairfax Marriott at Fair Oaks to an undisclosed buyer.
The hotel, which is located in Fairfax, VA, contains 310 rooms and operates under a franchise affiliation with Marriott International. The hotel was sold unencumbered by management and White Lodging was appointed as operator upon sale.
Jared Kelso and Daniel Falvey of Cushman & Wakefield’s Global Hospitality group represented MPI in the transaction.
“The Fairfax Marriott is one of the premier full-service hotels in the Metro DC market,” said Kelso, a Cushman & Wakefield Managing Director. “The appetite for hotel acquisitions remains exceptional, driven by sound market fundamentals and increased availability of acquisition financing for both transitional and stabilized assets.”
The Marriott is located at 11787 Lee Jackson Highway in Fairfax, VA and is situated in the heart of Fairfax County, which is one of the leading commercial submarkets in the Metro DC area. The property was developed in 1986 and also features approximately 9,000 square feet of meeting space.
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.