FAIRVIEW PARK MARRIOTT SELLS
FALLS CHURCH, VA. — Annapolis, Md.-based Thayer Lodging Group has acquired the Fairview Park Marriott in Falls Church for an undisclosed amount. The seller, McLean, Va.-based JER Partners, first purchased the property in February 2007 and, since then, has completed a $3.9 million renovation of the property that upgraded its public spaces including the lobby, restaurant, lounge, fitness center and the hotel's 15,000 square feet of meeting space. Thayer purchased the hotel on behalf of Thayer Hotel Investors V LP, one of its private equity funds.
“Despite the challenging lodging and capital markets environments over the past two years, JER Partners was able to create value for its investors through the realization of its investment in the Fairview Park Marriott,” said JER Managing Director Jim Smith in a statement. Last May, Thayer restructured its existing debt, paying off a significant portion of it while extending the maturity date on the remainder. The company states that this transaction will enable the company to have better financial flexibility while benefitting its investors.
The Fairview Park Marriott is situated within the Fairview Park office park, which is located on the Beltway at its intersection with Arlington Boulevard.
— Coleman Wood