The National Conference Center has been sold for an undisclosed amount, with the new owners promising improvements.
The Leesburg property, which includes 917 rooms and a large ballroom, was purchased by NCC PS Enterprises, a new joint venture between real estate firm PCCP and private equity firm Stoneleigh Capital.
“We are very excited about the future of the National Conference Center,” said Frank D. Palmer, managing director of Stoneleigh Capital. “We’re looking forward to completing a program of capital improvements that are proposed to enhance the guest experience.”
The Washington Business Journal notes that the conference center has lost millions of dollars in revenue due to the recent shutdown and sequestration.
The management of the property will trade hands on or about May 16, 2014, and the new owners will immediately begin upgrades to the property, according to a release.