August 2015 – Full-service hotel completes upgrades to better serve the growing corporate, government and leisure demand of the bustling Washington, D.C. region
LOS ANGELES, Calif. (Aug. 25, 2015)— Laurus Corporation, a Los-Angeles based real estate investment and development company, announced today the completion of a significant repositioning of the 207-room, nine-story Sheraton College Park North Hotel, located just nine miles from the heart of Washington, D.C.
The $5 million renovation includes a comprehensive refresh of the hotel’s 207 guestrooms and guest bathrooms that now feature elegant details including signature Sheraton Sweet Sleeper beds, crisp white bedding, hypoallergenic pillows and enhanced Wi-Fi speeds. Additional hotel upgrades include a remodeled club lounge, fitness center, an outdoor swimming pool with sundeck, concierge lounge, porte-cochere, and new exterior signage and landscaping. To further enhance the traveler experience, the hotel is proud to offer pet-friendly accommodations for dogs up to 40 lbs.
“With Laurus’ recent repositioning of the Sheraton College Park North Hotel, the property has significant potential to increase its current market share and re-establish itself as a leader among its competitive set,” said Andres Szita, Chairman of Laurus Corporation. “We take pride in our investments, and our purchase and remodel of this Washington, D.C.-area hotel aligns with our strategy of acquiring ideally located assets and adding real value through thoughtful upgrades and operational excellence that meet the standards and tastes of modern travelers.”
The centerpiece of the extensive hotel repositioning is the debut of Asado Brasserie, a chic 60-seat restaurant featuring delicious, upscale international cuisine, using the freshest hand-selected ingredients that will satiate the appetite of hotel guests and locals alike. The updated new bar within Asado is marked by a beautiful marble and copper facade and a vintage inspired map of the surrounding region and now provides a relaxed, inviting atmosphere.
With close proximity to all three of the region’s major airports and the Metro Green Line, the Sheraton College Park North Hotel is a premier meetings destination, featuring 5,410 square feet of well-designed functional space and fully equipped with state-of-the-art audiovisual equipment. The largest ballroom, totaling 3,610 feet, can accommodate up to 250 guests.
Washington, D.C. ranks as the 9th most popular destination for domestic tourists and the 7th most popular U.S. destination for international visitors. Due to an influx of corporate demand, the market directly outside of Washington represents one of the largest concentrations of aerospace and government facilities in the region, currently providing over 20,000 jobs locally and serving as a strong economic center that continues to grow. The Sheraton College Park North Hotel is located in close proximity to the new FDA headquarters, the US Department of Agriculture, NASA’s Goddard Space Flight Center, the University of Maryland at College Park, Fort Meade and the National Security Agency.
About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm.