MD Marriott Trades for $92M

BETHESDA, MD-One of the top three hotels in this Maryland submarket traded last Friday for $92.1 million. Westbrook Partners and Northview Hotel Group sold the 407-key Bethesda Marriott, which sits on a 12-acre parcel 10 miles from Washington, DC, to a US-based opportunity fund. Cushman & Wakefield Sonnenblick Goldman brokered the deal on behalf of the sellers.

Owners of four-star property for three years, Westbrook and Northview invested some $13.5 million in capital improvements. These included the construction of a restaurant/lounge, a renovation of the Grand Ballroom and adjacent meeting rooms; refitting the fitness center with new equipment; and replacing the hotel guestroom soft goods. “The sellers did a lot to renovate and reposition it,” Mark Gordon, EVP, principal and head of the US Hotel Group for Cushman & Wakefield Sonnenblick Goldman, tells GlobeSt.com. “Basically they did all of the heavy lifting in order to put it in a position to realize above market growth.”