Residence Inn next to Amazon's future HQ sells for $99 million

George Sell George Sell Uploaded 13 August 2019

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US: Host Hotels & Resorts has sold The Residence Inn Arlington Pentagon City for US$99.1 million.

The 23-year-old, 299-key extended stay hotel is adjacent to Amazon's future headquarters campus and has been bought by an LLC registered to Blackstone's headquarters at 345 Park Ave. in Manhattan.

The executives listed behind the LLC work for BRE Select Hotels Corp., a Blackstone-controlled, non-traded REIT.

Host CEO James Risoleo confirmed the sale in the hotel REIT's Q2 earnings call, citing it, and the company's sale of two Chicago hotels, as examples of its commitment to selling some of its portfolio and using the proceeds to buy back its own shares. So far in 2019, Host has sold $609 million in hotel properties, and has five more properties under contract to be sold.

The property underwent a renovation in 2012, and is one of a number of assets in thew region to be bought since Amazon announced its HQ2 would be split into two locations, with 25,000 workers each at Crystal City in Arlington, Virginia, and Long Island City in Queens, NYC.

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