By Beata Lorincz
BRE Select Hotels has sold the 140-key SpringHill Suites Fairfax Fair Oaks in Northern Virginia. According to public records, MCR purchased the recently renovated asset for $18.3 million. Hunter Hotel Advisors represented the seller.
The property is located at 11191 Waples Mill Road in Fairfax, Va., a roughly 20-mile drive west of downtown Washington, D.C. The site is a 20-minute drive from Dulles International Airport and is situated nearby various entertainment options including the Smithsonian Air & Space Museum, Mount Vernon’s working distillery and a water park.
Built in 2009, the six-story structure underwent a $1.4 million renovation in 2017. The hotel provides:
- free Wi-Fi and parking
- 24-hour fitness center
- heated indoor pool
- outdoor patio with fountain and fire pit
- 24-hour business center
- meeting space for 40 people
- dry cleaning and laundry service
“Fairfax County is the economic powerhouse of North Virginia with an estimated economy of $120 billion,” said David Perrin, vice president of Hunter Hotel Advisors, in prepared remarks. “With a minimal PIP required, MCR will be able to inject immediate yield into their investment portfolio while also benefiting from continued economic expansion in the region.”
Last month, MCR closed on the MCR Hospitality Fund LP with the acquisition of 11 hotels with 1,272 keys, representing $160 million in transaction volume, fulfilling the fund’s $300 million in capital commitments.
Images courtesy of MCR