SAN DIEGO--(BUSINESS WIRE)--Officials of Avistone today announced the company acquired the 187-room Courtyard Dulles Airport Herndon in Va. The company also named Youngbin Park vice president, lodging investments.
“This Courtyard by Marriott hotel marks our first acquisition in Virginia. This market growth allows us to keep pace with the expansion of Dulles International Airport and the technical epicenter surrounding our nation's capital,” said Dan Culler, CEO, Avistone. “We are looking to continued growth in the hotel sector with additional acquisitions either on our own or in partnership with others.”
Courtyard Dulles Airport Herndon
Located just minutes from Dulles International Airport at 13715 Sayward Blvd., the pet-friendly hotel is proximate to some of the area’s leading businesses, including IBM, Amazon, Northrop Grumman, Raytheon, Boeing, Cisco Systems and Lockheed Martin. Guest rooms provide plush bedding, ample work desks with ergonomic seating and flat-panel televisions. Hotel amenities include a 24/7 business center, fitness center and meeting space to accommodate up to 40 people. Guests also may dine at The Bistro, an on-site restaurant that serves hearty breakfast choices in the morning followed by eclectic dinner and cocktails each evening, as well as a full array of Starbucks beverages.
Youngbin Park, VP, Lodging Investments
A 15-year-plus lodging investment veteran, Park has overseen more than $1.1 billion in hotel acquisitions through institutional investment funds and joint ventures. In his new role, he will lead Avistone’s efforts to expand the company’s hotel investment portfolio. Prior to joining Avistone, Park held increasingly important roles with well-respected organizations such as Hersha Hospitality Management, Brookfield’s Thayer Lodging Group, Trimont Real Estate Advisors and Silverpeak Real Estate Partners. He received his Bachelor of Science in Hotel Administration/Management from Cornell University’s School of Hotel Administration.
“Youngbin has amassed invaluable experience handling all manner of hotel investments and acquisitions during his career, skills we plan to implement immediately as we pursue our own aggressive growth goals,” Culler added. “He is the ideal candidate to expand our portfolio of well-respected, branded hotels in markets with barriers to new entry and high resilience to negative economic factors, such as multiple demand generators."
Avistone also reported that Managing Director, Lodging Investments Charlie Muller, who has been instrumental in launching the company’s hotel sector investments, will be transitioning into an advisory role where his knowledge and expertise will continue to benefit Avistone and its investors. “We would not be where we are as a hotel entity today without Charlie’s tireless efforts,” Culler said. “We look forward to continuing this new relationship together as we each enter new phases of growth.”
About Avistone
Avistone is a real estate private equity and investment management firm involved in the acquisition and operation of industrial business parks and hotels nationwide. Since its founding in 2013, Avistone has acquired 27 hotel and industrial business park properties totaling more than four million square feet of space located in California, Georgia, Texas, Florida, Virginia and Ohio.
