Crow Holdings, a privately-held firm based in Dallas, Texas, has purchased the Hilton Alexandria Mark Center for $121 million according to a GlobeSt.com article. Crow Holdings, which manages real estate investments for the Trammell Crow family, bought the 30-story, 496-unit Hilton from Denver-based real estate investment manager Amstar. Amstar originally bought the property in June 2006 for $93.2 million.
Amstar launched a comprehensive $9.3 million renovation on the property during 2006. After the renovation and having improved operations, Amstar refinanced the hotel during June 2007, allowing a full return of equity to its investors. Davidson Hotel Company will reportedly continue to manage the hotel. Adam Minnick, executive director of Amstar, said: "The Hilton Alexandria has been a case study of Amstar's hotel strategy. Acquiring the property at an attractive basis, improving the physical asset and streamlining the operations were key enablers of adding value, while the refinancing allowed our investors to hold the asset until BRAC became a reality and catalyzed the sale."
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