It is Lerner's first limited service Hilton flag, Arthur Fucillo, EVP of development, tells GlobeSt.com. "Our other three hotels are Marriotts." Lerner identified a need for a limited service product in the Rockville market, he adds. "There are over three million sf of office space within one mile of that location."
Lerner is in the process of finalizing its selection of a manager for the hotel, he adds. The hotel will be situated in the master-planned development in Rockville, called Fallsgrove -- a 257-acre community comprised of Fallsgrove Village Center -- which includes 150,000 sf of retail space, residential dwellings and more than 850,000 sf of office space. Lerner is the developer for the retail, office and hotel components within the project. There are no other hotels in the development, Fucillo notes.
The hotel will be located on Shady Grove and Blackwell roads. Lerner plans to develop a five-story medical office adjacent to this site, Fucillo says. "Construction on that is scheduled to begin in September."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.