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1999 Richmond LP Acquires Crystal City Marriott Hotel In Arlington, VA For $65.8M
SOLD
$65,800,000
Virginia
See Similar DealsHotel
Sold 10/30/2023
SOLD
1999 Richmond LP Acquires Crystal City Marriott Hotel In Arlington, VA For $65.8M
1999 Richmond Highway
See Similar DealsHotel
Sold 10/30/2023
Summary
VIRGINIA
Asset Type:Hotel
Transaction Type:Sale
An affiliate of JBG Smith Properties, JBGS Hotel Owner LLC, has sold the Crystal City Marriott located at 1999 Richmond Highway in Arlington, VA. The transaction took place on October 30, 2023, and the sale price was $65,800,000. The hotel consists of 343 keys, resulting in a price per key of approximately $191,836.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $65,800,000
- Address: 1999 Richmond Highway, Arlington, VA
- Market: Arlington, VA
The buyer, 1999 Richmond LP, purchased the Crystal City Marriott from an affiliate of JBG Smith Properties. The seller in this transaction was represented by their broker, JBG Smith Properties' REP. The sale of the hotel marks a significant transaction in the Arlington market.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,509,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$233,773.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$311,925.57
Annual Debt Service$3,743,106.84
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