11220 Lee Jackson Memorial Hwy, Fairfax, VA, 22030-6023, US

Courtyard Fairfax Fair Oaks

Attributes

Units

144

Year built

1986

Building area net

8,611 sm

Description

JLL’s Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale the fee simple interest in the 144-room Courtyard Fairfax Fair Oaks the “Hotel” or “Property”). This institutional grade asset benefits from its prime location near the Fair Oaks Mall and high visibility from major highways, providing easy access to key demand generators such as Washington Dulles International Airport, Tysons Corner Center, and George Mason University.

The Hotel is being offered unencumbered by Marriott management for the first time, providing operational flexibility to implement alternative strategies and potentially increase the GOP margin to market levels. . With construction costs for comparable properties in the Washington DC market potentially exceeding $200,000 per key, this acquisition represents an opportunity to obtain a Marriott branded asset well below replacement cost. Fairfax County's robust a heavy defense contractor presence and economy, hosting 11 Fortune 500 company headquarters and boasting the largest concentration of technology jobs of any major U.S. market, provides a strong foundation for continued growth and stability in this dynamic lodging market.

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Investment highlights

Premium Location: The Property is located less than 5 minutes from the Fair Oaks Mall, one of the region’s largest shopping centers.
Superior Performance to Competitive Set: The Hotel has over penetrated its competitive set on a RevPAR basis indexing over 120% consistently since 2021.
Significant Value-Add Potential: The Fairfax Courtyard by Marriott will require a comprehensive change of ownership PIP for a subsequent owner to unlock additional value.
In-Place Yield with Additional Upside: The Hotel's GOP margin recently dropped to below 30% for the first time since the pandemic.
Discount to Replacement Cost: Construction cost of a new, full-service Marriott in this Washington D.C. market could extend upwards of $200,000 per key.
World Class Brand Affiliation with Franchise Conversion Option: The Hotel benefits from its strategic affiliation with Marriott International - the preeminent lodging brand in the world with more than 30 brands and 8,000 properties across 139 countries.