Electra America Hospitality Group, a joint venture between Electra America and AKA, has acquired a former 178-key Holiday Inn & Suites in Alexandria, Virginia. The hotel was last acquired in 2016 for $37.8 million by HI Alexandria Owner LLC from Carr Properties.
The joint venture confirmed that it would invest nearly $36 million in the renovation of the hotel, keeping with its strategy of converting underperforming hotels in gateway markets into four-star hotels.
Larry Korman, AKA’s president and co-CEO of Korman Communities, stated that their goal is to deliver a high-quality product, offering extended-stay and short-term options to a very balanced market, though underperforming in terms of hotel product. What attracted them to the property is that it offers extensive, common space square footage, which will allow creating a unique offering with robust amenities catering to various and modern customers.
Situated at 625 First Street in Old Town, the hotel is just a short commute to the new Amazon’s HQ2, the new Virginia Tech Innovation Campus, Ronald Reagan Washington National Airport, and the U.S. Capitol.
In May, Electra America Hospitality Group acquired the Roger New York, a 194-room boutique hotel in the heart of Manhattan’s NoMad neighborhood, for $19 million, which will undergo $22 million in renovations this year.