DoveHill Capital Management LLC and Wurzak Hotel Group have acquired the Sheraton Reston Hotel in Reston, Virginia. No financial terms were disclosed.
FORT LAUDERDALE, Fla., March 13, 2018 /PRNewswire/ — DoveHill Capital Management, LLC and Wurzak Hotel Group announce today that the combined venture has acquired the Sheraton Reston Hotel, expanding its vertically integrated investment platform. Located at 11810 Sunrise Valley Drive, Reston Virginia, the 298-room hotel marks DoveHill’s first investment in the Washington DC region. The full service hotel will be managed by DoveHill’s related company Wurzak Hotel Group and is the first in a series of new additions coming to the group’s growing portfolio in 2018.
Upon acquisition, DoveHill will begin execution of a major renovation and repositioning of the hotel to significantly elevate its position as one of the leading hotels in the Reston market. The renovation will include a modern update of all the guest bathrooms, a re-imagined lobby, a gastro-pub concept, enhancements to the meeting space and a complete redesign of the building’s exterior.
“We are thrilled to expand into the s suburban Washington D.C market. The Sheraton enjoys tremendous benefits associated with its strategic placement between Washington, DC and Washington Dulles International Airport, and we look forward to redeveloping the hotel into one of the top hotels in the region. Our geographic expansion is a result of our continuing effort to seek out value-add opportunities in highly strategic markets throughout the country and provide outsize risk-adjusted returns for our investors,” stated Jake Wurzak, DoveHill’s Founder and Managing Member.
The Sheraton Hotel is located in the heart of Fairfax County’s commercial market, is minutes from a variety of Fortune 500 companies, Federal Government Department Headquarters, a short metro ride away from the nation’s capital and minutes from Reston Town Center.
“Our experience, dedication and presence will only further the vast hospitality development in Fairfax County, serving its increasing sectors in software development, telecommunications, homeland security and financial services. With our upcoming improvements to the hotel, we intend to capitalize on the growth in an impactful way,” stated Eric Davies, Chief Operating Officer of the Wurzak Hotel Group.
DoveHill is a real estate investment company founded in 2010 by Howard Wurzak and Jake Wurzak. Howard and Jake collectively have 50 years experience and lead a team of sophisticated real estate professionals in underwriting, acquiring, redeveloping, developing and repositioning real estate Projects. For the past 26 years their focus has been the hospitality sector and they have demonstrated an ability to excel using a low cost-basis, value-enhancing, institutional-quality approach to the development of hotel projects.
DoveHill has an extensive infrastructure and a network of professionals, which provides the platform necessary to create compelling investment opportunities in the hospitality sector by developing and repositioning deals at a cost basis below the competition. DoveHill benefits from the unique reputation enjoyed by it’s associated company, Wurzak Hotel Group, and uses the company to provide guidance in underwriting and strategy and also to develop and manage the hotel Projects.
About Wurzak Hotel Group
Wurzak Hotel Group is a Philadelphia based, vertically integrated owner, developer and operator of premium branded full service, extended stay and select service hotels. WHG’s core expertise is it’s unique ability to develop and operate hotels and food and beverage outlets in an entrepreneurial manner maximizing returns on the investment and developing long term relationships with our customers.
Headed by Howard and Jake Wurzak, Wurzak Hotel Group has a proven track record of developing and managing hospitality Projects for over 30 years and continues to be recognized as one of the regions top hospitality companies. The Wurzak Hotel Group Executive Committee leads a team of over 600 associates and entrepreneurship is the core element for the success of Wurzak Hotel Group. Its “hands on approach” manifests itself in all aspects of the business, and enables WHG to gain competitive advantages resulting in enhanced value for owners, partners, investors and lenders. WHG has successfully managed properties through two real estate downturns and understands what it takes to be profitable through up and down business cycles.