Bethesda Suites Sells for Just Under $42M

BETHESDA, MD-A recent deal valued at $41.6 million leaves DiamondRock Hospitality in possession of the Bethesda Suites Marriott Hotel. DiamondRock is forking over the funds to seller Rock Spring Park Hotel LP in exchange for the 276-room property located off I-270.

By Barbra Murray | December 21, 2004 at 12:52 PM

According to Montgomery County records, the property has a current assessed value of approximately $33.5 million. The property will be submitted to a renovation, but it will continue to carry the Marriott flag under the new ownership.

"Bethesda Suites Marriott represents a very high quality asset in an excellent market with strong cash flow," says DiamondRock chairman and CEO Bill McCarten. DiamondRock, which got its start in July with a $210 million stock offering, has a strategic relationship with Marriott International Inc., which owns $30 million in company shares.

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