The Avistone Strategic Fund I has acquired the 187-room Courtyard Dulles Airport Herndon in Virginia, the third acquisition for the fund.
Located just minutes from Dulles International Airport at 13715 Sayward Blvd., the pet-friendly hotel is proximate to some of the area’s leading businesses, including IBM, Amazon, Northrop Grumman, Raytheon, Boeing, Cisco Systems and Lockheed Martin. Guest rooms provide plush bedding, ample work desks with ergonomic seating and flat-panel televisions. Hotel amenities include a 24/7 business center, fitness center and meeting space to accommodate up to 40 people. Guests also may dine at The Bistro, an on-site restaurant that serves hearty breakfast choices in the morning followed by eclectic dinner and cocktails each evening, as well as a full array of Starbucks beverages.
“This Courtyard by Marriott hotel marks our first acquisition in Virginia. This market growth allows us to keep pace with the expansion of Dulles International Airport and the technical epicenter surrounding our nation’s capital,” said Dan Culler, CEO, Avistone. “We are looking to continued growth in the hotel sector with additional acquisitions either on our own or in partnership with others.”
In addition to the Courtyard Dulles Airport, the Avistone Strategic Fund I has acquired two quality branded hotels in growing markets in 2021. The first acquisition was the 105-room Hampton Inn & Suites Legacy Park – Frisco in Frisco, Texas approximately 25 miles north of Dallas in the Dallas-Fort Worth Metroplex. The second acquisition was the 95-room Hotel Indigo Sarasota in Sarasota, Florida, one of the fastest growing cities in the nation and well-known for its beaches.
The Avistone Strategic Fund I represents an opportunity to invest in a multi-asset fund consisting of under-performing hotels. This investment opportunity seeks to provide investors with monthly cash distributions once Investments are stabilized and upside appreciation through superior operational management, improvements, rebranding and repositioning, in accordance with each hotel’s respective business plan. Ultimately, to maximize returns to investors, we endeavor to sell Investments opportunistically on an individual basis or as a portfolio when favorable market conditions dictate.