The 284-room Greenbelt Marriott hotel has come under new ownership and will soon be renovated and rebranded. Lerner Enterprises sold the hotel, at 6400 Ivy Lane in Greenbelt, to Australia-based SB&G Hotel Group, with Savills Studley brokering the deal.
The sale closed last month for about $18M, property records show.
Washington DC 10.16.2018 “The successful sale of the Greenbelt Marriott is evidence of the continued interest in Greater Washington, D.C., particularly to new buyers seeking entry into this dynamic market,” Savills Studley’s Marc Magazine, who brokered the deal with Tom Baker, said in a release.
The deal marks the fourth U.S. acquisition for SB&G Hotel Group, which invested $325M last year in hotels in New York City, Dallas and Charlotte. The new owner plans to renovate the property and rebrand it as the Crowne Plaza Greenbelt, a flag under the umbrella of InterContinental Hotel Group. Valor Hospitality Partners will manage the hotel.
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