JER Partners Acquires Fairview Park Marriott Hotel in Falls Church, Virginia for $108.5 million
JER Partners, the private equity investment arm of the J.E. Robert Companies, has acquired the Fairview Park Marriott Hotel in Falls Church, VA for $108.5 million.
The Fairview Park Marriott Hotel is a 394-room, full-service hotel located near Washington, D.C. off Interstate 495 (the Capital Beltway). The hotel is located within the 2.1 million square foot Fairview Office Park. It is the only hotel permitted within Fairview Office Park.
The hotel recently benefited from a complete renovation of its guestrooms and corridors. JER intends to undertake further renovations to the hotel's public areas including the lobby, restaurant, lounge, fitness center, gift shop and meeting space.
"JER views Washington, D.C. as one of the premier lodging markets in the world, with a favorable business climate, strong tourism appeal, and abundant government and military demand," said Cia Buckley, President of U.S. Fund Business at JER. "As a result of limited competing supply near the hotel, we believe that the Fairview Park Marriott Hotel is ideally suited to benefit from these strong demand generators."
The hotel is managed by Marriott International, Inc. under a long-term agreement.
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