AMC Delancey Sells Radisson Largo-Washington, D.C., for $10.5M
- Nov 27, 2014
A Washington, D.C.-area hotel recently changed hands. Philadelphia-based AMC Delancey sold the Radisson Largo-Washington, D.C., to an unnamed buyer for $10.5 million or $56,800 per room.
The six-story hotel is located at 9100 Basil Court in Largo, Md. It has 184 rooms, a fitness center, an indoor pool and 2,300 square feet of flexible meeting space. According to PropertyShark, the Radisson Largo-Washington, D.C., originally built in 1990, was acquired by AMC Delancey in 2005 for almost $8.5 million. The real estate website says the property is currently valued at about $11.5 million.
The Marcus & Millichap team that represented the seller included David Greenberg, Jonathan Ruprai and Dennis Hopper. Gordon Allred and Karianne Cibello, also of Marcus & Millichap, represented the locally based buyer.
Senior associate Jonathan Ruprai said in a news release that the hotel received numerous offers. “The seller capitalized on healthy market conditions and the opportunity to reposition to a superior brand,” he added.
Gordon Allred, first vice president of investments in Marcus & Millichap’s Ontario, Calif., office explained that the Radisson Largo-Washington, D.C., was acquired at a discount to replacement cost. The new owner has the option to continue operating the property as a Radisson, rebrand it or convert it to an alternative use.
“The industry and economic indicators are showing an uptick in the Washington, D.C., market, and the timing of this transaction was beneficial for both buyer and seller. In a market with historically tight supply and high demand, this is a win-win situation, as the new owner will be able to successfully reposition the investment in a resilient and upward-trending environment,” Allred added.
Photo credit: AMC Delancey