Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and acquisition financing of Westin Reston Heights, a 191-room, full-service hotel in the Washington, D.C.-area community of Reston, one of Northern Virginia’s most dynamic and growing areas.
The HFF team marketed the property on behalf of the seller. Noble Investment Group purchased the hotel and will soon implement a comprehensive guest room and public area upgrade and renovation. Additionally, working on behalf of the new owner, the HFF team arranged a floating-rate acquisition loan with a balance sheet lender.
The Westin Reston Heights opened in 2008 and features a 24-hour business center; the award-winning Vinifera Wine Bar & Bistro; 1,000 square feet of flexible meeting and boardroom space; Westin Kids Club and various fitness outlets, including the rooftop WestinWORKOUT® Fitness Studio with a heated indoor pool, RunWestin program with custom local running maps and the Westin New Balance program, which provides guests athletic shoes and apparel they can borrow during their stay. Situated at 11750 Sunrise Valley Drive, the hotel is in the heart of the Reston Master Plan, consisting of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of additional retail. The pet-friendly hotel is also located directly off of the Dulles Toll Road, which averages 270,000 daily trips and allows immediate vehicular access throughout the D.C. MSA. Additionally, The Westin Reston Heights will be within walking distance of the future Reston Town Center Metrorail Station (Silver Line), which is expected to be completed in 2019. The future station will include a pedestrian walk along Reston Parkway, which will provide direct access to the Westin in less than a 0.5-mile walk.
The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.
The HFF debt placement team representing the borrower consisted of senior directors Chris Hew and KC Patel.
“The Reston story is one of the best in the Mid-Atlantic, with incredible development spurring major corporate relocations,” Vazifdar said. “The Westin Reston Heights is a phenomenal physical asset and will greatly benefit from Reston’s future growth prospects.”
About Noble Investment Group
Since 1993, Noble has specialized in making value-added, opportunistic and income investments in upscale select service and extended-stay hotels affiliated with Marriott, Hyatt, Hilton and Intercontinental. Through its private equity real estate funds, Noble has invested more than $3 billion in communities throughout the United States, creating thousands of jobs. As a fiduciary to state pensions, university endowments and foundations, Noble's endeavors help to preserve and grow our limited partners' capital which provides retirement benefits for millions of our country's teachers, policemen and firefighters as well as financial resources for students to attend college. For more information, please visit www.nobleinvestment.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
