Starwood Buys Crystal City Hotel For $73M
Starwood Capital Group has made its second acquisition in the area around Amazon HQ2 this year.
The Miami-based firm acquired a 393-room hotel in Crystal City from a fund affiliated with JBG Smith for $73M, the Washington Business Journal reports.
The hotel, the Hilton Crystal City at Washington Reagan National Airport, sits at 2399 Richmond Highway (which until recently was Jefferson Davis Highway). Its amenities include 25K SF of meeting space, a fitness room, a lounge and a convenience store.
The JBG Cos. held the property in a fund that remained separate from its merger with Vornado/Charles E. Smith that formed JBG Smith in 2017. The newly formed REIT last year landed Amazon to build its second headquarters in the neighborhood.
Starwood CEO Barry Sternlicht told Bisnow in November 2018 he was "super disappointed" in Amazon's HQ2 selection, but that has not stopped his firm from buying up properties that stand to benefit from the development. The hotel acquisition comes after Starwood in May paid $123M for a nearby 349K SF building at 2511 Richmond Highway.
