Blue Vista Capital Management and The LCP Group, L.P. jointly announced today the acquisition of the Fairfax Marriott at Fair Oaks in Fairfax, Virginia.
The six-story 316 guest room and suite property is located outside of Washington, D.C. The hotel contains 15,000 square feet of meeting space, the award-winning 703 Bar + Kitchen, and the amenities, facilities, and services of a full-service Marriott hotel.
"In partnership with LCP, we were able to identify a unique value-add opportunity," said Jason Schwartz, Principal at Blue Vista. "Installing LCP's affiliate manager, Crescent Hotels & Resorts, LLC as the hotel's manager further enhances our partnership's ability to execute a turnaround of the hotel's operations given Crescent's extensive presence in the D.C. market."
"The Fairfax Marriott is well-located and benefits from a diversity of demand generators serving the greater DC market," added Francis Lively, Chief Operating Officer of LCP. "We capitalized on an opportunity to enhance the asset's value through a strategic repositioning of the hotel's sales and marketing program, which had been underperforming its potential."
The property is a quick drive from Washington Dulles International airport, and is conveniently located to George Mason University as well as several corporate and association headquarters, including The National Rifle Association, SpaceQuest Ltd. and Edge Technologies There is also access to shopping, dining, and retail in the immediate area at the Fair Oaks Mall.
The property will be managed by Crescent Hotels & Resorts, LLC, based in Fairfax, VA.
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