According to a report in the Commercial Observer, Houston-based venture capital firm Dauntless Capital Partners has acquired the 343-room Crystal City Marriott in Arlington, Va., for $65.8 million. Washington, D.C.-based real estate investment trust JBG Smith acquired the asset as part of its acquisition of Vornado Realty Trust in 2017, and the property was the last hotel in JBG Smith’s portfolio.
The Washington Business Journal reported that JBG Smith was receiving 50 percent of the hotel’s cash flows under a management agreement that was due to to expire in July 2025.
In June, Dauntless Capital purchased the 216-key Hilton Garden Inn Bethesda (Md.) Downtown from Bethesda Hotel Associates, an affiliate of The Donohoe Companies. According to the Commercial Observer, that hotel changed hands for $36.6 million. In 2021, the company purchased the 200-room Moxy Washington D.C. Downtown for $86 million and the 143-room Courtyard by Marriott Washington, D.C.