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Prospect Ridge Acquires Hotel From Rockwood Capital In Tysons Virginia For $63.9M
SOLD
$63,900,000
Virginia
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Sold
SOLD
Prospect Ridge Acquires Hotel From Rockwood Capital In Tysons Virginia For $63.9M
8028 Leesburg Pike
See Similar DealsHotel
Sold
Summary
VIRGINIA
Asset Type:Hotel
Transaction Type:Sale
The property involved in this transaction is the Tysons Corner Marriott, a hotel asset with a total of 396 keys. The sale price for the hotel was $63,900,000. The location of the property is 8028 Leesburg Pike, situated in Tysons, VA. Following significant upgrades amounting to $25,000,000 made to the property in 2022, this transaction occurred in December 2024.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $63,900,000
- Buyer: Prospect Ridge
- Seller: Affiliate of Rockwood Capital
- Keys: 396
- PPK: $161,364
This transaction highlights the involvement of Prospect Ridge as the buyer acquiring the property from an affiliate of Rockwood Capital. The upgrades made to the hotel in 2022 contributed to the successful completion of this deal, marking a strategic investment in the Tysons market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,408,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,023.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$302,918.60
Annual Debt Service$3,635,023.20
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