Bethesda, MD, May 9, 2018 –
Phillips Realty Capital announced that a $30,000,000 transaction on behalf of Rocks Engineering Company has closed and funded. Bank of America Merrill Lynch’s CMBS team provided permanent financing for the recently renovated 324-room Crowne Plaza Dulles Airport Hotel in Herndon, Virginia. Mark Remington, Principal at Phillips Realty Capital, arranged the financing.
Located half an hour outside of Washington, D.C. and two miles from Dulles International Airport (“IAD”), The Crowne Plaza Dulles is part of the InterContinental Hotels Group (“IHG”) brand family. The hotel underwent an extensive $12 million renovation and repositioning in 2015/2016 and now includes 10,000 square feet of flexible meeting space, a business center, a 24-hour fitness center, and an on-site restaurant. Rocks Engineering developed the hotel in 1986 as a Days Inn. The company has since repositioned the property as a commercial transit and group-oriented hotel designed to meet the needs of the region’s business community. Reliable corporate accounts collectively book more than 6,000 room nights per year.
“Mark Remington and the team at Phillips dug deep into the details with us to really understand the value we’ve added to this property,” said Michael Rocks, Managing Director of Rocks Engineering Co. “We were absolutely confident in their ability to represent our asset and secure financing at optimal terms.”
“While capital markets have tightened for the hotel sector, Rocks made strategic investments and developed a solid business plan that is driving consistent occupancy and rate, so we were able to compete this deal to a wide variety of lenders,” Remington said.
About Phillips Realty Capital
Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.5 billion loan portfolio on behalf of 25 institutional investors. Established in 1933 and still privately owned, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets to structure capital stacks that leverage debt and equity financing to maximize the value of client assets. Read more at www.phillipsrealtycapital.com.
About Rocks Engineering Company
Rocks Engineering Company, along with its management affiliate—Allen & Rocks, Inc.—has been in the real estate development business in the Washington, Baltimore and Richmond corridor for over 70 years. The Company has evolved over the years from a builder of single-family homes to a developer of multi-family residential, high-rise apartments, shopping centers, hotels, restaurant sites and other commercial properties.