Jones Lang LaSalle Hotels Arranges the Sale of the Embassy Suites Tysons Corner
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Jones Lang LaSalle Hotels Arranges the Sale of the Embassy Suites Tysons Corner
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2008-01-07
On behalf of Prudential Real Estate Investors, Jones Lang LaSalle Hotels is pleased to announce the sale of the Embassy Suites Tysons Corner to HEI. A premier, full-service hotel, the property is located just minutes away from downtown Washington D.C. in the burgeoning northern Virginia suburb of Vienna. The Embassy Suites Tysons Corner features 234 guestrooms, including 220 two-room king guest suites. The hotel also boasts 1,720 square feet of flexible meeting space, a state-of-the-art fitness center, indoor swimming pool, Carnevale Café and a lobby lounge.
Washington D.C. remains a corporate, tourism, government and cultural center. In addition to housing the headquarters of the legislative, executive and judicial branches of the federal government, the Washington D.C. MSA is also the focal point for a diverse base of private sector entities. These entities include associations and non-profit organizations that lie across a broad spectrum of industries including biotechnology, international trade, tourism and education.
“This was an excellent investment for the buyer,” said Tom Fisher, a managing director for Jones Lang LaSalle Hotels. “There are many demand generators in the immediate area including businesses, government and tourism that will bode well for the hotel’s future performance.”
According to Jones Lang LaSalle Hotels’ December 2007 Hotel Investor Sentiment Survey, more than 60% of investors’ intentions were either to buy or build in Washington D.C. With short and medium term positive trading expectations hovering around 50%, Washington D.C. boasts among the highest of expectations in the U.S.
“Washington D.C.’s metropolitan area has had a strong performance in the last few years,” said Alan Tantleff, an executive vice president for Jones Lang LaSalle Hotels. “The property has maintained an edge over the competitive set, making this a highly valuable asset.”
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