GAITHERSBURG, MD-Highland Hospitality Corp. has acquired the just-completed Courtyard Gaithersburg-Washingtonian for $29 million plus closing costs, roughly $138,000 per key. The seller was a private developer, according to a company spokesperson. Highland had previously placed an $8-million deposit into escrow, which was used to fund a portion of the purchase price.

The nine-story hotel has 210 rooms and more than 2,500 sf of meeting space. The property opened on May 31, and is being operated by an affiliate of Marriott International Inc. under a long-term managementagreement.

“This acquisition will provide additional growth to our existing portfolio of high-quality assets and benefit from the barriers-to-entry that exist in this mixed-use location over the long term,” says James L. Francis, Highland’s president and CEO, noting that it is located along the 1-270 tech corridor and is part of the mixed-use Washingtonian Center development project.

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