DoveHill Capital Management buys Sheraton Reston Hotel
- March 15, 2018
The Sheraton Reston Hotel, a 298-room hotel, has a new owner. DoveHill Capital Management, based in Philadelphia, purchased the hotel unencumbered by an existing management agreement, according to Holliday Fenoglio Fowler LP (HFF), which marketed the property on behalf the seller.
Wurzak Hotel Group, also of Philadelphia, will manage the hotel.
Originally opened in 1973, the six-story hotel in a growing submarket of Washington, D.C., was substantially renovated in 2014. Renovations included upgrades to guestrooms, 22,000 square feet of meeting space, the restaurant lounge and the lobby
Additional hotel amenities include the Syrah Restaurant and Cosmopolitan Lounge, fitness center, outdoor pool with sun deck, business center and views of the adjacent Reston National Golf Course.
The hotel, at 11810 Sunrise Valley Drive, is located in the second-largest office market in Fairfax County, and within the Reston Master Plan. That plan consists of 22,000 new residential units, more than 8 million square feet of new office space and 700,000 square feet of retail. The hotel is off the Dulles Roll Road and is a mile away from the Wiehle-Reston East Metrorail Station (Silver Line).
The HFF investment advisory team representing the seller included Senior Director Cyrus Vazifdar, a senior director for HFF. “Reston’s growth has been prolific over the past cycle, and we expect the market to continue to mature with the tremendous scale of current development," Vazifdar said in a statement.