Savills Studley has arranged the sale of the Greenbelt Marriott in suburban Washington. The 284-room hotel was sold to SB&G Hotel Group, Inc., one of Australia’s largest domestic owners of hotels. The property will be renovated and has been rebranded as the Crowne Plaza Greenbelt – Washington DC under the umbrella of global hotel operator InterContinental Hotel Group (IHG).
“The successful sale of the Greenbelt Marriott is evidence of the continued interest in Greater Washington, DC, particularly to new buyers seeking entry into this dynamic market,” said Marc Magazine, who represented the seller alongside Tom Baker.
Located at 6400 Ivy Lane in Greenbelt, Maryland, the new Crowne Plaza Hotels & Resorts property will be managed by international hotel management firm Valor Hospitality Partners. The hotel offers 10 meeting rooms and 11,200 square feet of flexible meeting space, convenient access to Washington, Baltimore–Washington Thurgood Marshall International Airport and Ronald Reagan Washington National Airport, and a host of amenities, including concierge services, an onsite bar and lounge, a health club, a business center and valet parking. Greenbelt Park, University of Maryland-College Park, College Park Aviation Museum and Xfinity Center are among the local attractions in the area.
“We are firmly set on growing the SB&G hotel business in America with high-quality properties in cities with a strong economy and growth potential,” said Paul Salter, managing director, SB&G Hotel Group. “The new Crowne Plaza in Greenbelt was a logical addition to our US assets for its proximity to corporate users, business travelers and regional tourists. We are thrilled to partner again with IHG and Valor Hospitality Partners to make this unique project a fruitful opportunity for our investors.”
SB&G Hotel Group was formed in 2015 and has a diverse portfolio of six hotels worth nearly $1 billion. The Greenbelt Marriott acquisition marks the Australian-based company’s fourth US hotel asset. In 2017, the fund manager expanded its hospitality ownership globally and invested $325 million in three US hotel properties in New York City, Dallas and Charlotte, North Carolina.
The Hospitality Group at Savills Studley has managed some of the industry’s most complex assignments, including investment sales, operations and portfolio management and asset advisory. The team has executed more than $10 billion in investment sales transaction and raised more than $5 billion of equity for joint venture and programmatic investments. The group works collaboratively across firm’s global network to represent some of the hotel industry’s preeminent public and private owners and operators, including Marriott, IHG, Hilton, Starwood, Crestline, Apple REIT, RLJ Lodging Trust and LaSalle Hotel Properties.