{"id":1004245478,"date":"2018-07-26T08:11:45","date_gmt":"2018-07-26T16:11:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004245478"},"modified":"2022-12-08T04:23:15","modified_gmt":"2022-12-08T12:23:15","slug":"mcr-buys-18m-dc-area-springhill-suites","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcr-buys-18m-dc-area-springhill-suites\/","title":{"rendered":"MCR Buys $18M DC-Area SpringHill Suites"},"content":{"rendered":"<p>By Beata Lorincz<\/p>\n<p>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.<\/p>\n<p>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 &amp; Space Museum, Mount Vernon\u2019s working distillery and a water park.<\/p>\n<p>Built in 2009, the six-story structure underwent a $1.4 million renovation in 2017. The hotel provides:<\/p>\n<ul>\n<li>free Wi-Fi and parking<\/li>\n<li>24-hour fitness center<\/li>\n<li>heated indoor pool<\/li>\n<li>outdoor patio with fountain and fire pit<\/li>\n<li>24-hour business center<\/li>\n<li>meeting space for 40 people<\/li>\n<li>dry cleaning and laundry service<\/li>\n<\/ul>\n<p><em>\u201cFairfax County is the economic powerhouse of North Virginia with an estimated economy of $120 billion,\u201d<\/em> said David Perrin, vice president of Hunter Hotel Advisors, in prepared remarks. <em>\u201cWith 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.\u201d<\/em><\/p>\n<p>Last month,&nbsp;MCR closed on the MCR Hospitality Fund LP with the acquisition of 11 hotels with 1,272 keys, representing <a href=\"https:\/\/www.commercialsearch.com\/news\/mcr-closes-300m-hospitality-fund\/\">$160 million in transaction volume<\/a>, fulfilling the fund\u2019s $300 million in capital commitments.<\/p>\n<p><em>Images courtesy of MCR<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Located in Fairfax, Va., the 140-key hotel underwent $1.4 million worth of renovations last year. The six-story building dates back to 2009.<\/p>\n","protected":false},"author":739,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,11,21742,1615],"tags":[38044,32898,40041],"class_list":["post-1004245478","post","type-post","status-publish","format-standard","hentry","category-deals","category-hotel","category-investment","category-midatlantic","category-latest","category-washington-dc","tag-hunter-hotel-advisors","tag-mcr-development","tag-springhill-suites-by-marriott"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MCR Buys $18M DC-Area SpringHill Suites - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcr-buys-18m-dc-area-springhill-suites\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCR Buys $18M DC-Area SpringHill Suites\" \/>\n<meta property=\"og:description\" content=\"Located in Fairfax, Va., the 140-key hotel underwent $1.4 million worth of renovations last year. 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