Carey Watermark Investors 2, a non-traded real estate investment trust focused on investing in lodging and lodging-related properties, acquired the Le Méridien Arlington.
The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units, as well as the 154-guestroom Le Méridien hotel. Located in the urban village of Rosslyn, a submarket of Arlington, Va., across the river from Georgetown, the property is in close proximity to top destinations in the Washington, D.C., area.
The hotel was built in 2008, and converted to the Le Meridien brand in 2012. A $3-million softgoods renovation of the guestrooms and meeting space is currently underway at the hotel. In addition to the hotel’s 154 guestrooms, the property also has 4,800 square feet of indoor meeting and event space,4,500 square feet of outdoor meeting and event space, a bar/lounge, full service restaurant, fitness center and business center.
“The acquisition of Le Méridien Arlington represented the opportunity to secure a fully renovated asset in one of the most attractive locations in Arlington and the Washington, DC region,” said Michael Medzigian, CEO of CWI 2. “The hotel is the highest quality asset in the Arlington market and benefits from its proximity to nearby office buildings, as well as the greater Georgetown and Washington, DC markets. Given this positioning, as well as the limited availability of other sites for hotel development in the Rosslyn market, we believe the property will continue to generate attractive near term cash flow and add incremental long-term value to CWI 2's portfolio. Additionally, we are extremely pleased to continue to expand on our already important relationships with both Starwood Hotels & Resorts and HEI Hotels & Resorts."