LAUREL, MD—A Germantown, MD-based LLC has acquired a 2.58-acre parcel of land here on which it plans to build an extended-stay hotel. The buyer is Golden Realty LLC and the seller is another local LLC based in Chevy Chase, MD. Scheer Partners represented LLCC II Limited Partnership, the seller in the deal. The parcel of land traded for $1.19 million.
Scheer Partners' Nathan Crowe, Perry Berman and David Edgerley, represented LLCC II Limited Partnership.
Berman reports the transaction was not an easy one and required a great deal of knowledge about local zoning. "We worked closely with the City of Laurel staff to insure that the buyer understood the city regulations," he says in a prepared statement." The City of Laurel, however, did not object to the buyer's plans and in fact "was very supportive of an extended-stay hotel at this location," Berman says.
The next stage, financing the hotel, should be relatively easier given the loosening capital markets, especially for extended stay hotel financing.
Equity in this category is growing across all categories from affordable extended-stay rooms to mid-priced and upscale extended-stay suites.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
