JER Partners sells Fairview Park Marriott
- July 14, 2010
JER Partners, a private commercial real estate investment management company, has sold the Fairview Park Marriott, a 395-room full-service hotel located in Falls Church to Thayer Hotel Investors V LP, a partnership organized by Thayer Lodging Group.
JER acquired the Fairview Park Marriott in February 2007. In May 2009, JER completed a discounted payoff on part of the hotel’s debt while extending the maturity date on the remainder of the loan, significantly reducing JER’s cost basis.
“Despite the challenging lodging and capital markets environment over the past two years, JER Partners was able to create value for its investors through the realization of its investment in the Fairview Park Marriott,” Jim Smith, managing director at JER Partners, said in a statement.