Embassy Suites Dulles Airport
Ask about thisScored using an estimated 68% discount to replacement cost; spread not graded (no trailing-12-month cap rate or NOI disclosed); supply not graded (no single public source gives the total pipeline share); 3 of 5 factors graded.
Public-data underwrite. The buyer's information set was larger. Decision support, not a recommendation.
- Price
- $23M
- Price per key
- $152k per key
- Keys
- 150
- Buyer
- Woodland Park Road LLC
- Seller
- Ashford Hospitality Trust (AHT)
- Announced
- Aug 12, 2026
- Status
- Closed Aug 24, 2026
Grade at announcement
As of Aug 12, 2026Price and basis
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 5 | $152k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 68% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price $22.8M, AHT 10-Q (Aug 12, 2026) |
Price per key vs replacement cost per key 30%5
$152k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 68% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price $22.8M, AHT 10-Q (Aug 12, 2026)
Cited figures shown for reference. They don’t enter the grade.
Price per key vs replacement cost per key
- Deal price per key ÷ HVS full-service replacement cost per key: 0.325 ($152,000 ÷ $467,244). Shown for reference; the score uses the percentage difference. source · Jul 13, 2026
Operating performance
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026). | None (not graded) | |
| Demand trajectory 15% | 4 | Lodging tax receipts +4.86% (trailing 12 months vs prior 12, Fairfax County transient occupancy tax (General Fund), FY2025 (Jul 2024 to Jun 2025) vs FY2024, the latest full year published; $26,155,022 vs $24,941,910) | 4 = flat to up under 5% | RecordJul 24, 2025 (opens source) |
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).Not graded
No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).
None (not graded)
Demand trajectory 15%4
Lodging tax receipts +4.86% (trailing 12 months vs prior 12, Fairfax County transient occupancy tax (General Fund), FY2025 (Jul 2024 to Jun 2025) vs FY2024, the latest full year published; $26,155,022 vs $24,941,910)
Band: 4 = flat to up under 5%
Cited figures shown for reference. They don’t enter the grade.
Implied cap rate vs 10-year Treasury spread
- 10-year Treasury par yield, Aug 12, 2026 close: 4.68%. No qualifying cap rate, so no spread is computed. source · Aug 12, 2026
Access: airlift and drive (not a rubric factor; no weight)
- Airlift: Washington Dulles (IAD) total passengers, trailing 12 months Jun 2025 to May 2026, +1.49%. source · Jul 27, 2026
- Drive: Dulles Toll Road transactions, trailing 12 months Jul 2025 to Jun 2026, +2.64% (the corridor serves the hotel; data posted at 8:40 AM, before the 10-Q). source · Aug 12, 2026
Financing and material risks
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Supply backdrop 15% | Not graded | No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026. | None (not graded) | |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress at announcement: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. No loan event was tied to this hotel by then. | 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction | FilingAug 12, 2026 (opens source) |
Supply backdrop 15%No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026.Not graded
No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026.
None (not graded)
Debt and transaction context 15%3
Pressured seller without formal distress at announcement: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. No loan event was tied to this hotel by then.
Band: 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction
Cited figures shown for reference. They don’t enter the grade.
Supply backdrop
- Tempo by Hilton, One Loudoun (Ashburn): 169 rooms, work under way, opening 2027. A single project, not a pipeline share. source · May 31, 2026
Debt and transaction context
- After the announcement: the closing 8-K filed Aug 27, 2026 says about $20.6M of the roughly $22.3M in net proceeds was paid to the lender on a 13-hotel loan. source · Aug 27, 2026
Weights of ungraded factors are spread across graded ones.
Rubric v1 (original), graded Oct 26, 2026: 4.3 of 5
Scored using an estimated 68% discount to replacement cost; spread not gradeable (no trailing-12-month cap rate or NOI disclosed); 3 of 5 factors graded.
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 5 | $152k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 68% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price $22.8M, AHT 10-Q (Aug 12, 2026) |
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026). | None (not graded) | |
| Supply backdrop 15% | Not graded | No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026. | None (not graded) | |
| Demand trajectory 15% | 4 | Lodging tax receipts +4.86% (trailing 12 months vs prior 12, Fairfax County transient occupancy tax (General Fund), FY2025 (Jul 2024 to Jun 2025) vs FY2024, the latest full year published; $26,155,022 vs $24,941,910) | 4 = flat to up under 5% | RecordJul 24, 2025 (opens source) |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress at announcement: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. No loan event was tied to this hotel by then. | 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction | FilingAug 12, 2026 (opens source) |
Price per key vs replacement cost per key 30%5
$152k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 68% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price $22.8M, AHT 10-Q (Aug 12, 2026)
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).Not graded
No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).
None (not graded)
Supply backdrop 15%No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026.Not graded
No single public source gave the total pipeline (under construction plus planned) as a share of existing rooms for Dulles, Fairfax, Loudoun or the DC metro by Aug 12, 2026.
None (not graded)
Demand trajectory 15%4
Lodging tax receipts +4.86% (trailing 12 months vs prior 12, Fairfax County transient occupancy tax (General Fund), FY2025 (Jul 2024 to Jun 2025) vs FY2024, the latest full year published; $26,155,022 vs $24,941,910)
Band: 4 = flat to up under 5%
Debt and transaction context 15%3
Pressured seller without formal distress at announcement: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. No loan event was tied to this hotel by then.
Band: 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction
After the deal
Tracked separately. Not part of the grade.
- T0 · at announcementAug 12, 2026
- T+1Lands Aug 2027
- T+2Lands Aug 2028
Sources (6)
- FilingForm 10-Q, Q2 2026: purchase agreement ($22.8M, $500k deposit); going-concern disclosure
- FilingForm 8-K filed Aug 27, 2026: sale closed Aug 24, 2026
- FilingExhibit 99.1: pro forma, lender paydown
- RecordFY2025 Carryover Review, Attachment II (transient occupancy tax)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)
Sources (6)
- FilingForm 10-Q, Q2 2026: purchase agreement ($22.8M, $500k deposit); going-concern disclosure
- FilingForm 8-K filed Aug 27, 2026: sale closed Aug 24, 2026
- FilingExhibit 99.1: pro forma, lender paydown
- RecordFY2025 Carryover Review, Attachment II (transient occupancy tax)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)