CBRE Capital Markets arranges $33 million in financing for Sheraton Reston Hotel
- November 26, 2012
CBRE said Monday that it has arranged permanent financing of the Sheraton Reston Hotel while working on behalf of an entity controlled by The JBG Cos.The 301-room hotel has 23,000 square feet of meeting and banquet facility space. While the property has been renovated in recent years, CBRE said it needed additional property improvements to allow it to remain competitive in its class.
According to CBRE, the JBG Cos., a private real estate firm based in Chevy Chase, Md., plans to install new furniture in the guestrooms, lobby and bar areas. It also will update the guestroom corridors, registration area and meeting space so they will reflect the hotel’s new design scheme.
The Sheraton is adjacent to Reston National Golf Course and is in the heart of a 25-acre urban center called Reston Heights, a mixed-use development that includes two hotels, two office buildings and residential condominiums. Reston Heights also plans an additional 250,000 square feet of office, 145,000 square feet of retail and 500 residential units.
“The Sheraton Reston continues to remain a destination for business travelers in the Dulles area and is one of the top-performing hotels in its competitive set. While many capital sources are being selective on hospitality lending, the combination of the asset’s historical performance, location and sponsorship resulted in a large amount of interest in this financing and ultimately resulted in very favorable financing terms,” Joe Donato of CBRE’s Washington, DC Capital Markets team, said in a statement.