The LCP Group, L.P. and Blue Vista Capital Management Acquire Fairfax Marriott at Fair Oaks
January 16, 2018 12:12pm
January 16, 2018, New York, NY — 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.
Tags: blue vista capital management,
the lcp group,
crescent hotels & resorts,
Founded in 2002, Blue Vista Capital Management, LLC is a leading real estate investment management firm focused on helping investors maximize returns in real estate through best-in-class investment strategies focused exclusively on middle market equity and debt, and student housing in the U.S. and select international markets. To date, Blue Vista has participated in direct investments and joint ventures representing approximately $7.5 billion in total capitalization and the firm has raised in excess of $2.0 billion in equity through various closed end funds and separate account relationships.
The LCP Group, L.P. is a private real estate investment manager with real estate holdings and assets under management in excess of $500 million throughout the United States. LCP specializes in hospitality and has been actively acquiring strategic hotel assets on behalf of institutional and private equity investors since 1973.
Contact: Stacy Silver
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