Baywood Hotels Purchases Wyndham Garden Hotel Gaithersburg
Wednesday January 8th, 2014 - 9:53AM EB
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GAITHERSBURG, MD— Baywood Hotels recently purchased the 203-guestroom Wyndham Garden Hotel Gaithersburg here for an undisclosed amount. In the transaction, Hunter Hotel Advisors exclusively represented the seller, a private investment group based in Wichita, KS.
Baywood Hotels, based in Washington, D.C, is planning a major renovation to rebrand the hotel as part of a strategy to better serve the upscale Washington, D.C.-Baltimore market.
“We executed a comprehensive marketing process that resulted in multiple offers,” stated Kyle Stevenson, SVP of Hunter’s D.C. office, who handled the transaction of the seven-story hotel.
“At Hunter, our marketing strategies are producing accelerated closings such as this one, which closed in just 60 days,” said David Perrin, a senior associate at Hunter. “The expanding economy and availability of financing continue to drive sales.”
Tags: Baywood Hotels • Wyndham Garden Hotel • Hospitality • Brands • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.