Ritz-Carlton Pentagon City Sells To Orlando-Based REIT For $105M
One of the most high-end hotels in Arlington, The Ritz-Carlton Pentagon City, has just traded hands for more than $100M.
Orlando-based lodging REIT Xenia Hotels & Resorts announced Thursday morning it acquired the 365-room hotel for $105M, roughly $288K per room.
The property was sold by an affiliate of Simon Property Group, the owner of the adjoined Fashion Centre at Pentagon City. The 870K SF retail center is anchored by a Nordstrom and the complex also includes a 170K SF office tower.
The 18-story Ritz-Carlton, sitting just outside the Pentagon City Metro station, features 19K SF of meeting space. It recently underwent $11M in renovations to its guest rooms and lounge. It is frequently the hotel of choice for visiting baseball teams when they play the Washington Nationals because of its proximity to Interstate 395.
Xenia's portfolio includes two other D.C.-area properties, the Hilton Garden Inn at 815 14th St. NW and the Lorien Hotel & Spa in Alexandria. The REIT last year sold the DoubleTree Downtown D.C. for $65M.
