Thu, 10/05/2018 - 09:26
Phillips Realty Capital has arranged a USD30 million transaction on behalf of Rocks Engineering Company with Bank of America Merrill Lynch’s CMBS team, providing permanent financing for the recently renovated 324-room Crowne Plaza Dulles Airport Hotel in Herndon, Virginia.
Mark Remington, Principal at Phillips Realty Capital, arranged the financing.
Located half an hour outside of Washington DC and two miles from Dulles International Airport (IAD), The Crowne Plaza Dulles is part of the InterContinental Hotels Group (“IHG”) brand family. The hotel underwent an extensive USD12 million renovation and repositioning in 2015/ 2016 and now includes 10,000 square feet of flexible meeting space, a business centre, a 24-hour fitness centre, and an on-site restaurant. Rocks Engineering developed the hotel in 1986 as a Days Inn. The company has since repositioned the property as a commercial transit and group-oriented hotel designed to meet the needs of the region’s business community. Reliable corporate accounts collectively book more than 6,000 room nights per year.
“Mark Remington and the team at Phillips dug deep into the details with us to really understand the value we’ve added to this property,” says Michael Rocks, Managing Director of Rocks Engineering Co. “We were absolutely confident in their ability to represent our asset and secure financing at optimal terms.
“While capital markets have tightened for the hotel sector, Rocks made strategic investments and developed a solid business plan that is driving consistent occupancy and rate, so we were able to complete this deal to a wide variety of lenders.”
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