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 •
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