Bethesda Marriott Acquired; Reno Planned for Property
Monday October 14th, 2013 - 10:21AM EB
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BETHESDA, MD—A partnership of Northview Hotel Group and an affiliate of Oaktree Capital Management, L.P. has acquired the Bethesda Marriott located here for an undisclosed amount.
The Bethesda Marriott is a full-service 407-room hotel located adjacent to Rockville Pike. The hotel features a 180-seat three-meal restaurant, 19,000 sq. ft. of meeting space, and indoor and outdoor pools. Marriott Hotels & Resorts manages the Hotel under a long-term management contract.
Northview previously owned the Hotel from 2004 to 2007 and oversaw a comprehensive renovation of the asset along with a restructuring of the land ownership from leasehold to fee simple.
Northview Partner, Simon Hallgarten, said in a statement, “Northview is thoroughly familiar with both the Bethesda Marriott and the wider Bethesda market, and we have confidence in the long-term value proposition presented by the acquisition. We have planned for a comprehensive renovation of the property—working with Marriott’s Architecture and Construction group to implement many of the exciting new designs that Marriott will debut in 2014.”
Tags: Marriott • Northview Hotel Group • Hospitality • Brands • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.