It is Lerner's first limited service Hilton flag, Arthur Fucillo, EVP of development, tells GlobeSt.com. "Our other three hotels are Marriotts." Lerner identified a need for a limited service product in the Rockville market, he adds. "There are over three million sf of office space within one mile of that location."
Lerner is in the process of finalizing its selection of a manager for the hotel, he adds. The hotel will be situated in the master-planned development in Rockville, called Fallsgrove -- a 257-acre community comprised of Fallsgrove Village Center -- which includes 150,000 sf of retail space, residential dwellings and more than 850,000 sf of office space. Lerner is the developer for the retail, office and hotel components within the project. There are no other hotels in the development, Fucillo notes.
The hotel will be located on Shady Grove and Blackwell roads. Lerner plans to develop a five-story medical office adjacent to this site, Fucillo says. "Construction on that is scheduled to begin in September."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
