Two Northern Virgina Hyatt Hotels Go on the Block

FAIRFAX COUNTY, VA-Two northern Virginia Hyatt hotels eight miles apart are for sale and could fetch up to $50 million, real estate officials claim.

SunAmerica of Los Angeles has put the 317-room Hyatt Dulles in Herndon out to market. The 316-room Hyatt Fair Lakes, owned by another Los Angeles company, Yucaipa Cos., is also up for sale.

The marketing of these two properties is the latest sign of how the hotel market in northern Virginia has heated up. Several developers plan to build new hotels and investors are looking to buy others.

Partly as a consequence of the strong commercial real estate market, hotel prices are reaching new highs, and the two owners would be smart to take advantage of that, the officials say.

Both hotels, built in 1989 and being marketed by Eastdil Realty are expected to remain under the Hyatt flag because of long-term contracts with Chicago-based Hyatt Hotels & Resorts. Both hotels also have occupancy rates above 80%, about 10% higher than the national average hotel vacancy rate.