Washington Business Journal
The hotel will be a four-story, 125-suite building. The brand, which Hilton launched last year, will also open hotels in Stafford, VA; Norfolk, VA; White Marsh, MD; Baltimore and Lexington Park, MD; according to the article. By the end of 2013, Hilton plans to have 100 Home2 Suites in operation.
New development for hotels is rare event now, especially when a hotel can be acquired at below replacement costs, observed David P. Fuller, principal with HVS Consulting, tells GlobeSt.com. "I am a little surprised they are building - it could be that they see a niche in the submarket that hasn't been filed yet."
The deal is yet another data point to the DC area hotel market - which has been largely moribund for the last year or two. Last monthLaSalle Hotel Properties in Bethesda, MD acquired the Sofitel Washington, DC Lafayette Square for $95 million--the first major hotel trade in the city in more than a year. .
Also in February Braxton Hotel & Condominium sold the District Hotel for $8.5 million to Cherry Blossom Hospitality, a locally-based hotelier.
To read the article in the Washington Business Journal, click here.
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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.
