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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
HIGHLIGHTS
OPENED/RENOVATED
2008 / 2019
LOCATION
171 Waterfront Street, Oxon Hill, MD 20745
MANAGEMENT
FLOORS
7
BUILDING AREA
141,885 SF
GUESTROOMS
195
FOOD & BEVERAGE
Sauciety
Lobby Bar
ADDITIONAL AMENITIES
WestinWORKOUT® Fitness Studio
24/7 Business Center
Sundry/Convenience Store
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Unencumbered
Andy Wimsatt
Senior Managing Director
Head of Hotels
301.202.3571
Andy.Wimsatt@berkadia.com
MD License # 371388
Dan Hawkins
Managing Director
240.204.5139
Dan.Hawkins@berkadia.com
DC License #SP200201313
Mauricio Rodriguez
Managing Director
303.689.8324
Mauricio.rodriguez@berkadia.com
Jake Pietras
Associate Director
410.940.9497
Jake.Pietras@berkadia.com
MD License # 5003787
Jared Kelso
Senior Managing Director
646.432.7480
Jared.Kelso@berkadia.com
NY License # 40KE1177408
Steve Michels
Senior Managing Director
646.432.7475
Steve.Michels@berkadia.com
NY License # 40KE1177408
Christian Overton
Senior Director
301.202.3570
Christian.Overton@berkadia.com
CA License# 01934961
JARED KELSO
Senior Managing Director
646.432.7480
Jared.Kelso@berkadia.com
NY License # 40KE1177408
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70 WEST FORTY FIFTH STREET
Washington National Harbor
Berkadia Hotels & Hospitality has been retained as the exclusive advisor to offer for sale the leasehold interest in the Westin Washington National Harbor (the “Hotel” or the “Westin”), a 195-room hotel located in National Harbor, Maryland. Prominently situated on the Potomac River, the Westin benefits from its positioning as the only waterfront hotel in National Harbor, a 350- acre mixed-use development that attracts 28+ million tourists annually and includes the $1.4 billion MGM Casino. The offering presents a unique opportunity to acquire a modern, well-built hotel with robust in-place and projected cash flow, superior waterfront location with immediate access to a variety of demand drivers, premier Westin branding affiliation, high barriers to entry, additional value enhancement opportunities, and is offered at a discount to replacement cost. The Hotel is currently operated under a Franchise Agreement with Marriott International and is unencumbered of management.
Institutional-Quality, 195-Room Waterfront Hotel
Robust 2024 Cash Flow with Strong Operating Performance History
Prominent Waterfront Location in the Heart of National Harbor
Poised To Benefit from Highly Positive Washington D.C. Market Trends
Premier Westin Branding with Ability to Evaluate Alternative Management Strategies
Compelling Value Enhancement Opportunities
Investment Highlights
Parking
Valet Parking – $55 per day
Meeting Space
2,212 SF (3 meeting room options
with additional breakout space)
Tenure
Leasehold Interest (93 years remaining)
Labor
Union (Effective Jan. 1, 2023)
JustIN STORER
Real Estate Analyst
301.202.3542
Justin.Storer@berkadia.com
DC License # SP40003037
National Harbor SouthPointe
Located near the Waterfront District at National Harbor, SouthPointe is a large event space designed for concerts, corporate events, weddings, and much more.
Accommodates 10,000+ people
72-acre event space
Located along the Harbor Walk, overlooking the National Harbor Marina
Tanger Outlets National Harbor
The Tanger Outlets is an upscale shopping center located to the north of National Harbor, offering the surrounding community with unlimited shopping and dining options.
+350k SF shopping center
85+ designer outlet stores
Notable tenants include H&M, Carhartt, J. Crew, LOFT, and Michael Kors
MGM National Harbor
Known as one of the largest casino resorts outside of Las Vegas, MGM National Harbor offers a wide range of options within the resort that include dining, event / venue space, and gaming.
$1.4B resort
12M+ annual visitors
4,000+ employees
One of six casinos nationwide with LEED ® Gold Status
National Harbor OVERVIEW
The National Harbor is a waterfront destination serving the area as a hub for entertainment, business, and leisurely activities along the Potomac River.
Art Collection in the Waterfront District
$23M worth of public art available to tour
World-class marina
Capital Wheel
World-class, lighted Ferris wheel
Historic Sightseeing and Landmarks (within a 10-mile radius):
Oxon Hill Manor
National Colonial Farm
Mount Vernon
Fort Foote
Fort Washington
1M SF casino / resort
23-story hotel
300+ rooms
55k SF of branded retail space
35k SF of meeting space
135k SF of gaming space
3,000-seat theater
3,600 slot machines
150+ table games
Oxon Hill Plaza
Built in 1966, the Oxon Hill Plaza is an outdoor shopping center that’s adjacent to the Capital Beltway and Oxon Hill Road.
151.4k SF shopping center
15 total retailers
Notable tenants include Marshalls, Shoppers, and Family Dollar
UM Capital Region Health Medical Group at National Harbor
The Capital Region Health Medical Group at National Harbor, affiliated with the University of Maryland, is a primary care center that is in the Medical Pavilion at National Harbor.
19,000 SF multi-practice medical facility with 6 procedure rooms and 25 exam rooms
Offers primary care, surgical care, pulmonary care, and cardiology services
UM Capital Region Health Medical Group employs approximately 2,400 employees locally
Gaylord National Resort & Convention Center
The Gaylord National Resort is a hotel and entertainment hub that’s located in the heart of National Harbor and the Waterfront District.
2.7M SF resort with 2,000 hotel rooms and over 2, 000 employees
546k+ SF of meeting and event space, 7 restaurants, and a 20,000 SF spa
Largest non-gaming hotel and convention center on the East Coast
Mount Vernon
The historic estate of George Washington, Mount Vernon is located across the Woodrow Wilson Bridge and the western side of the Potomac River.
1M visitors per year
500-acre preserved estate
Reagan National Airport
Serving the D.C. Metropolitan Area as one of two main airports within the Greater D.C. Area, the Reagan National Airport (DCA) offers flights to some of the country’s largest cities, such as Los Angeles, New York City, Dallas / Fort Worth, Boston, and Miami.
8,000 jobs supported
861-acre airport
3 terminals
1M SF facility
Fort Washington
Created in 1809 as a defensive fort to protect the Washington, D.C. area, Fort Washington is now an unincorporated area known for its military history.
400k visitors per year
2.8 square mile tourist attraction
Top Golf National Harbor
Delivered in June 2019, Top Golf National Harbor is the company’s 55th location worldwide.
65K SF, three-level complex
Includes a high-tech driving range and a full-service restaurant and bar
Equipped with 100 all-weather driving bays, over 200 HDTV’s, a rooftop terrace with fire pits, and private event spaces with capacity for 80 guests
Employs 500 full and part-time jobs
Notable airlines include American, Delta, Southwest, Alaska, and JetBlue
25.5M passengers as of the TTM January 2024 period (23.9M at YE 2019
THE LOCATION
171 Waterfront Street Oxon Hill, MD 20745
Washington National Harbor
Exterior
Common Areas
Room + Amenities
Conference
Exterior
Common Areas
Conference
Room + Amenities
LAND AREA
1,069 ACRES
$221
RevPAR
$20.1MM
Total Revenues
$4.0MM
NOI
19.8%
MARGIN
A/F/B 2024 METRICS
15,000 jobs supported
350-acre destination
40+ restaurants in the Waterfront District
28+ million annual visitors
150+ retailers
