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| Westin Reston Heights Hotel, Reston, VA |
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| Cyrus Vazifidar |
WASHINGTON, D.C. –– 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.
Also, 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.
Also, 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.
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| Chris Hew |
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.”
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| KC Patel |
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 contact:
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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