The price for the Arlington Courthouse Hilton Garden Inn at 1333 Courthouse Rd. reflects the strong demand for hotel assets in the Washington area, Marc Magazine, senior vice president in the local office of CB Richard Ellis, tells GlobeSt.com. Magazine, along with Douglas Henkel, a CBRE senior vice president in Norfolk, and senior vice president Lewis C. Miller in Atlanta, represented the buyer. Northridge represented itself in the transaction.

"In this market properties are hitting new highs on every sale," Magazine says. He points to the Hay Adams in Washington, DC, which traded at $800,000 per room, and more recently, a Westin that sold for $425,000 per room. One comparable trade to the Arlington Courthouse Hilton Garden Inn was last year's sale of another Hilton Garden Inn in Downtown Washington for $287,000 per key.

Northridge has brought in new management to help drive rate growth in the class A property--its first Metro DC area investment since it sold a Best Western along New Hampshire Avenue in 2005, Magazine says. The hotel, located about half a block from Courthouse metro, is considered ideal for small and midsize meetings, with more than 1,400 sf to seat up to 100 people plus it features catering services.