Among
the noteworthy deals of the past week is JBG Smith’s sale of the Crystal City
Marriott in Arlington, Virginia, to Dauntless Capital Partners.
Editor's note: A previous version of this story used an incorrect image of the Crystal City Marriott.
Houston-based Dauntless Capital Partners acquired the
343-key Crystal City Marriott in Arlington, Virginia, for
$65.8 million from Chevy Chase, Maryland-based JBG Smith.
JBG Smith acquired the property in 2017 as part of its
acquisition of New York-based Vornado Realty Trust. This hotel was the last in
JBG Smith’s portfolio.
JBG was receiving 50% of the hotel’s cash flows as part of
an agreement with Marriott that was slated to end in July 2025, according to
the Washington Business Journal. JBG’s most recent earnings statement showed
that the Crystal City Marriott brought in nearly $3.8 million in revenue during
the third quarter of 2023.
To download our list of deals from the past week in Excel format, click here.