HEI Purchases Arlington's Hotel Palomar
February 27, 2012 - On behalf of an affiliate of The JBG Companies®, Jones Lang LaSalle Hotels today announced that it has arranged the sale of the Hotel Palomar Arlington, the only boutique hotel in Arlington, Virginia. HEI Hotels & Resorts purchased the 154-room asset and expects to rebrand the hotel as Le Meridien Arlington. The property was developed in 2007 by an affiliate of The JBG Companies® as the hotel component of Waterview, an award-winning mixed-use project that also features Class-A office space and luxury residential condominiums.
Managing Director Jeffrey Davis and Senior Vice President Gilda Perez-Alvarado led the Jones Lang LaSalle Hotels team on this transaction.
“Through a competitive bidding process we were able to secure excellent terms of sale for The JBG Companies®,” said Davis. “The limited supply of luxury hotel product available for purchase in the greater Washington D.C. metro makes the Hotel Palomar Arlington a strategic acquisition for new ownership to grow its portfolio in this key market.”
“In 2011, the Washington D.C. lodging market continued to recover, driven by increases in both rate and occupancy. The submarket of Arlington is well positioned to take advantage of the similar upward trajectory and resiliency that Washington D.C. is experiencing,” added Perez-Alvarado. “As fundamentals continue to improve, Le Meridien Arlington is expected to benefit from its best-in-class offering and the strength of the Starwood brand.”
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