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| Hyatt Regency Fairfax, 12777 Fair Lakes Circle, Fairfax, VA |
WASHINGTON, D.C. –– Holliday Fenoglio
Fowler, L.P. (HFF) announces that it has arranged a $26.2 million refinancing
for Hyatt Regency Fairfax, a 316-room, full-service hotel in the heart
of Fairfax, Virginia.
The HFF team worked on behalf of the borrower, a partnership between The
Carlyle Group and Songy Highroads LLC, to place the three-year, floating-rate
loan with two one-year extensions with H.I.G. Realty Partners. Loan
proceeds will be used to retire existing debt.
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| Chris Hew |
Situated in the heart of Fairfax County, the
third wealthiest county in the United States and home to Northern Virginia’s
largest defense and intelligence community demand drivers, the Hyatt Regency
Fairfax is at 12777 Fair Lakes Circle and part of the 650-acre Fair
Lakes mixed-use master planned community that includes 1.3 million square feet
of office, two million square feet of retail and more than 2,000 residential
units.
The hotel, which is 23 miles from
central Washington, D.C., has easy access to major commuter thoroughfares,
including Interstate 66, the Fairfax County Parkway and Route 50.
The 14-story hotel opened in 1989 under the
Hyatt flag and has upgraded throughout the years. It most recently
underwent $12.2 million in renovations beginning in 2015 when the borrowers
purchased it and executed their repositioning plan.
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| Drake Greer |
The HFF debt placement team representing the
borrower was led by senior director Chris Hew and director Drake
Greer.
“The Hyatt Regency Fairfax is a fantastic asset that
will continue to thrive and benefit from positive momentum in the submarket,”
Hew said.
CONTACTS:
CHRIS
HEW
HFF Senior Director
(202) 533-2500
DRAKE
GREER
HFF Director
(202) 533-2500
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
Web: www.carlyle.com
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Podcasts: www.carlyle.com/illuminate-commentary
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