Search
 

Highland Acquires Courtyard Gaithersburg

GAITHERSBURG, MD-Highland acquires the site for approximately $29 million of $138,000 per key. Part of the Washingtonian Center development project, the 210-room property just opened on May 31.

By Erika Morphy | Updated on June 02, 2006

GAITHERSBURG, MD-Highland Hospitality Corp. has acquired the just-completed Courtyard Gaithersburg-Washingtonian for $29 million plus closing costs, roughly $138,000 per key. The seller was a private developer, according to a company spokesperson. Highland had previously placed an $8-million deposit into escrow, which was used to fund a portion of the purchase price.

The nine-story hotel has 210 rooms and more than 2,500 sf of meeting space. The property opened on May 31, and is being operated by an affiliate of Marriott International Inc. under a long-term managementagreement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.