The 300-room Hilton Garden Inn Washington D.C. Downtown has been sold for $128 million. Xenia Hotels & Resorts announced the finalization of the sale on Friday.
“We are pleased to have completed the sale of Hilton Garden Inn Washington D.C. Downtown,” said Marcel Verbaas, Xenia’s Chairman and Chief Executive Officer. “The sale of this select-service hotel at an attractive valuation further exemplifies our dedication to upgrading the quality of our portfolio by making targeted investments and completing selective dispositions consistent with our long-term investment strategy of primarily owning high-quality luxury and upper upscale hotels in top 25 U.S. lodging markets and key leisure destinations,” he continued.
Xenia’s portfolio consists of 40 high-quality hotels, 11 luxury hotels and 27 upper upscale hotels. Park Hyatt Aviara Resort, Golf Club & Spa was also recently purchased by Xenia.
“We remain bullish on the long-term strength of the greater Washington D.C. market, and particularly the Northern Virginia market, as evidenced by our acquisition of The Ritz-Carlton, Pentagon City, in Arlington, Virginia, in 2017 and our continued ownership of the recently renovated Lorien Hotel in Alexandria, Virginia,” said Verbaas, adding that they were hoping both hotels to benefit from the vibrant economic climate in the area which has been boosted by the recent addition of an Amazon headquarters location.
“However, this sale represents another step in the evolution of our portfolio as we continue to upgrade the quality of our asset base while opportunistically harvesting value through timely dispositions,” noted Verbaas.
“With the completion of this disposition, we
have created additional balance sheet flexibility to take advantage of
on-strategy acquisition opportunities as they arise.”