Ridgefield, CT-based BethRam LP--which turned to the professional services of CB Richard Ellis' Marc Magazine, Doug Henkel and Lewis Miller to find a buyer--sold the 164-room property. The hotel last changed hands in 1994 when BethRam acquired it for $7.5 million. And there is even more change ahead; Patrinely Group is submitting the property to an upgrade that will include the addition of a residential condominium segment.
Situated on a two-acre parcel at 8400 Wisconsin Ave. Clarion Bethesda borders Washington, DC, with easy access to Interstate 95, as well as all the major area airports. "The hotel's location at the gateway to Downtown Bethesda made it very attractive to potential buyers," Magazine says. "There is tremendous demand for hotel rooms in Bethesda and an even higher demand for residential development." Clarion Bethesda also features a fitness center, an outdoor swimming pool, an on-site restaurant and sports bar, as well as meeting space.
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