ING Clarion has acquired the four-star, 45-room Morrison House Hotel in Old Town Alexandria, Virginia, for approximately €8 (AU$14.4 million). The acquisition is being made on behalf of a core commingled fund advised by ING Clarion.
Located in historic Old Town Alexandria, the Morrison House Hotel is just seven miles from downtown Washington, D.C., in close proximity to Ronald Reagan National Airport and the King Street Metro station. Importantly, the property is easily accessed from I-495, Route 1, and the George Washington Parkway. The boutique hotel was built in 1985 and is characterized by an elegant colonial atmosphere. ING Clarion plans a €1 million (AU$1.9 million) renovation project that will preserve the hotel's charm while upgrading the common area and guest rooms, as well as modernizing the elevators.
"Because of its convenient location and easy access to the stores, restaraunts, businesses and historical landmarks of downtown Washington D.C., the submarket in Old Town Alexandria is a popular destination for business and leisure travelers," said Marc DeLuca, senior vice president at ING Clarion. "As the only four-star hotel in this underserved high-end hotel market, we believe that the Morrison House Hotel will add value for our clients and we are delighted to have the opportunity to include this outstanding property in our portfolio."
Source: ING
